N-CSRS 1 primary-document.htm
 
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington
, D.C. 20549
 

FORM N-CSR

 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
 
 
Investment Company Act file number:           811-04852
 
Victory Portfolios
(Exact name of registrant as specified in charter)
 
                                          4900 Tiedeman Road, 4th Floor, Brooklyn, Ohio                                  44144
 (Address of principal executive offices)                                        (Zip code)
 
Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH  43219
(Name and address of agent for service)
 
 
Registrant’s telephone number, including area code: 800-539-3863
 
Date of fiscal year end: June 30
 
Date of reporting period: December 31, 2023
 
 
Item 1. Reports to Stockholders.
 
December
31,
2023
Semi
Annual
Report
Victory
Integrity
Discovery
Fund
Victory
Integrity
Mid-Cap
Value
Fund
Victory
Integrity
Small-Cap
Value
Fund
Victory
Integrity
Small/Mid-Cap
Value
Fund
Victory
Munder
Multi-Cap
Fund
Victory
S&P
500
Index
Fund
Victory
Munder
Mid-Cap
Core
Growth
Fund
Victory
Trivalent
International
Fund
—
Core
Equity
Victory
Trivalent
International
Small-Cap
Fund
Victory
Total
Return
Bond
Fund
vcm.com
News,
Information
And
Education
24
Hours
A
Day,
7
Days
A
Week
The
Victory
Capital
website
gives
fund
shareholders,
prospective
shareholders,
and
investment
professionals
a
convenient
way
to
access
fund
information,
get
guidance,
and
track
fund
performance
anywhere
they
can
access
the
Internet.
The
site
includes:
Detailed
performance
records
Daily
share
prices
The
latest
fund
news
Investment
resources
to
help
you
become
a
better
investor
A
section
dedicated
to
investment
professionals
Whether
you’re
a
potential
investor
searching
for
the
fund
that
matches
your
investment
philosophy,
a
seasoned
investor
interest-
ed
in
planning
tools,
or
an
investment
professional,
vcm.com
has
what
you
seek.
Visit
us
anytime.
We’re
always
open.
TABLE
OF
CONTENTS
Victory
Portfolios
1
Investment
Objectives
and
Portfolio
Holdings
3
Schedules
of
Portfolio
Investments
Victory
Integrity
Discovery
Fund
13
Victory
Integrity
Mid-Cap
Value
Fund
16
Victory
Integrity
Small-Cap
Value
Fund
19
Victory
Integrity
Small/Mid-Cap
Value
Fund
22
Victory
Munder
Multi-Cap
Fund
25
Victory
S&P
500
Index
Fund
28
Victory
Munder
Mid-Cap
Core
Growth
Fund
38
Victory
Trivalent
International
Fund
—
Core
Equity
40
Victory
Trivalent
International
Small-Cap
Fund
50
Victory
Total
Return
Bond
Fund
59
Financial
Statements
Statements
of
Assets
and
Liabilities
67
Statements
of
Operations
71
Statements
of
Changes
in
Net
Assets
75
Financial
Highlights
88
Notes
to
Financial
Statements
131
Supplemental
Information
Proxy
Voting
and
Portfolio
Holdings
Information 
145
Expense
Examples
145
Advisory
Contract
Approval
147
Privacy
Policy
151
2
Call
Victory
at:
800-539-FUND
(800-539-3863)
800-235-8396
for
Member
Class
Visit
our
website
at:
vcm.com
IRA
DISTRIBUTION
WITHHOLDING
DISCLOSURE
We
generally
must
withhold
federal
income
tax
at
a
rate
of
10%
of
the
taxable
portion
of
your
distribution
and,
if
you
live
in
a
state
that
requires
state
income
tax
withholding,
at
your
state’s
tax
rate.
However,
you
may
elect
not
to
have
withholding
apply
or
to
have
income
tax
withheld
at
a
higher
rate.
Any
withholding
election
that
you
make
will
apply
to
any
subsequent
distribution
unless
and
until
you
change
or
revoke
the
election.
If
you
wish
to
make
a
withholding
election,
or
change
or
revoke
a
prior
withholding
election,
call
800-539-3863
(800-235-8396
for
Member
Class)
and
form
W-4P
(OMB
No.
1545-0074
withholding
certificate
for
pension
or
annuity
payments)
will
be
electronically
sent.
If
you
do
not
have
a
withholding
election
in
place
by
the
date
of
a
distribution,
federal
income
tax
will
be
withheld
from
the
taxable
portion
of
your
distribution
at
a
rate
of
10%.
If
you
must
pay
estimated
taxes,
you
may
be
subject
to
estimated
tax
penalties
if
your
estimated
tax
payments
are
not
sufficient
and
sufficient
tax
is
not
withheld
from
your
distribution.
For
more
specific
information,
please
consult
your
tax
adviser.
The
Funds
are
distributed
by
Victory
Capital
Services,
Inc.
Victory
Capital
Management
Inc.
is
the
investment
adviser
to
the
Funds
and
receives
fees
from
the
Funds
for
performing
services
for
the
Funds.
This
report
is
not
authorized
for
distribution
to
prospective
investors
unless
preceded
or
accompanied
by
a
current
prospectus
of
the
Victory
Funds.
For
additional
information
about
any
Victory
Fund,
including
fees,
expenses,
and
risks,
view
our
prospectus
online
at
vcm.com
or
call
800-539-3863
(800-235-8396
for
Member
Class).
Read
it
carefully
before
you
invest
or
send
money.
The
information
in
this
report
is
based
on
data
obtained
from
recognized
services
and
sources
and
is
believed
to
be
reliable.
Any
opinions,
projections,
or
recommendations
in
this
report
are
subject
to
change
without
notice
and
are
not
intended
as
individual
investment
advice.
Past
investment
performance
of
the
Funds,
markets
or
securities
mentioned
herein
should
not
be
considered
to
be
indicative
of
future
results.
NOT
FDIC
INSURED
NO
BANK
GUARANTEE
MAY
LOSE
VALUE
3
Victory
Portfolios
Victory
Integrity
Discovery
Fund
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks to
provide
capital
appreciation.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments, and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
Brookdale
Senior
Living,
Inc.
1.6%
RadNet,
Inc.
1.4%
Columbus
McKinnon
Corp.
1.2%
Ichor
Holdings
Ltd.
1.2%
NETSTREIT
Corp.
1.2%
Clear
Channel
Outdoor
Holdings,
Inc.
1.1%
Chuy's
Holdings,
Inc.
1.1%
Enviri
Corp.
1.1%
Dime
Community
Bancshares,
Inc.
1.1%
Modine
Manufacturing
Co.
1.1%
Financials
25.4%
Industrials
17.8%
Consumer
Discretionary
13.8%
Information
Technology
12.1%
Materials
6.7%
Energy
6.5%
Health
Care
6.4%
Real
Estate
4.6%
Communication
Services
4.3%
Utilities
0.7%
4
Victory
Portfolios
Victory
Integrity
Mid-Cap
Value
Fund
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
capital
appreciation.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments, and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
Parker-Hannifin
Corp.
1.6%
Ferguson
PLC
1.4%
Realty
Income
Corp.
1.4%
PACCAR,
Inc.
1.4%
State
Street
Corp.
1.3%
Cleveland-Cliffs,
Inc.
1.3%
Westinghouse
Air
Brake
Technologies
Corp.
1.3%
Martin
Marietta
Materials,
Inc.
1.2%
PVH
Corp.
1.2%
Essex
Property
Trust,
Inc.
1.1%
Industrials
21.5%
Financials
14.6%
Information
Technology
9.8%
Consumer
Discretionary
9.0%
Utilities
8.5%
Real
Estate
8.3%
Materials
8.0%
Health
Care
6.6%
Consumer
Staples
5.4%
Energy
5.0%
5
Victory
Portfolios
Victory
Integrity
Small-Cap
Value
Fund
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
long-term
capital
growth.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments, and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
SouthState
Corp.
1.3%
Valley
National
Bancorp
1.2%
UFP
Industries,
Inc.
1.1%
Permian
Resources
Corp.
1.1%
Moog,
Inc.,
Class
A
1.1%
International
Seaways,
Inc.
1.1%
Bank
of
Hawaii
Corp.
1.1%
Glacier
Bancorp,
Inc.
1.1%
AGNC
Investment
Corp.
1.0%
Matador
Resources
Co.
1.0%
Financials
22.7%
Industrials
16.4%
Energy
9.3%
Real
Estate
9.1%
Consumer
Discretionary
9.0%
Information
Technology
8.9%
Health
Care
7.4%
Materials
6.9%
Utilities
5.0%
Consumer
Staples
2.4%
6
Victory
Portfolios
Victory
Integrity
Small/Mid-Cap
Value
Fund
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
capital
appreciation.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments, and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
First
Industrial
Realty
Trust,
Inc.
1.3%
PVH
Corp.
1.3%
Carlisle
Cos.,
Inc.
1.3%
Gaming
and
Leisure
Properties,
Inc.
1.3%
Valmont
Industries,
Inc.
1.3%
Pentair
PLC
1.3%
Saia,
Inc.
1.2%
ITT,
Inc.
1.2%
Textron,
Inc.
1.2%
Clean
Harbors,
Inc.
1.2%
Industrials
22.8%
Financials
18.6%
Consumer
Discretionary
11.7%
Materials
9.1%
Information
Technology
9.0%
Real
Estate
8.3%
Health
Care
7.3%
Energy
6.0%
Utilities
4.9%
Consumer
Staples
4.2%
7
Victory
Portfolios
Victory
Munder
Multi-Cap
Fund
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
long-term
capital
appreciation.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
Microsoft
Corp.
6.7%
Apple,
Inc.
6.2%
Alphabet,
Inc.,
Class
A
4.7%
Amazon.com,
Inc.
2.9%
Eli
Lilly
&
Co.
2.4%
JPMorgan
Chase
&
Co.
2.1%
iShares
Russell
3000
ETF
1.9%
NVIDIA
Corp.
1.9%
Visa,
Inc.,
Class
A
1.8%
Cadence
Design
Systems,
Inc.
1.6%
Information
Technology
24.2%
Financials
17.5%
Health
Care
13.5%
Industrials
10.6%
Consumer
Discretionary
10.5%
Communication
Services
8.8%
Energy
4.6%
Consumer
Staples
4.2%
Exchange-Traded
Funds
1.9%
Real
Estate
1.8%
8
Victory
Portfolios
Victory
S&P
500
Index
Fund
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
performance
and
income
that
is
comparable
to
the
S&P
500
®
Index.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
Apple,
Inc.
7.0%
Microsoft
Corp.
6.9%
Amazon.com,
Inc.
3.4%
NVIDIA
Corp.
3.0%
Alphabet,
Inc.,
Class
A
2.1%
Meta
Platforms,
Inc.,
Class
A
2.0%
Alphabet,
Inc.,
Class
C
1.7%
Tesla,
Inc.
1.7%
Berkshire
Hathaway,
Inc.,
Class
B
1.6%
JPMorgan
Chase
&
Co.
1.2%
Information
Technology
28.5%
Financials
12.9%
Health
Care
12.5%
Consumer
Discretionary
10.8%
Industrials
8.7%
Communication
Services
8.5%
Consumer
Staples
6.1%
Energy
3.9%
Real
Estate
2.5%
Materials
2.4%
9
Victory
Portfolios
Victory
Munder
Mid-Cap
Core
Growth
Fund
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
long-term
capital
appreciation.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
Trane
Technologies
PLC
2.4%
Trex
Co.,
Inc.
2.1%
Monolithic
Power
Systems,
Inc.
2.1%
Live
Nation
Entertainment,
Inc.
2.1%
SPDR
S&P
MidCap
400
ETF
Trust
2.0%
D.R.
Horton,
Inc.
2.0%
Brown
&
Brown,
Inc.
2.0%
Zoetis,
Inc.
2.0%
NVR,
Inc.
1.9%
Fair
Isaac
Corp.
1.9%
Industrials
18.4%
Information
Technology
18.1%
Financials
12.7%
Consumer
Discretionary
11.9%
Health
Care
11.0%
Real
Estate
6.4%
Consumer
Staples
4.9%
Communication
Services
3.8%
Energy
3.7%
Materials
3.7%
10
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
long-term
growth
of
capital.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments, and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
Novo
Nordisk
A/S,
Class
B
2.2%
Novartis
AG,
Registered
Shares
1.7%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
1.6%
Samsung
Electronics
Co.
Ltd.
1.3%
AstraZeneca
PLC
1.3%
3i
Group
PLC
1.2%
Stellantis
NV
1.2%
Siemens
AG,
Registered
Shares
1.1%
iShares
Core
MSCI
EAFE
ETF
1.0%
Deutsche
Telekom
AG
0.9%
Financials
20.0%
Industrials
12.2%
Consumer
Discretionary
12.2%
Information
Technology
11.3%
Health
Care
9.6%
Materials
7.9%
Consumer
Staples
7.4%
Energy
5.5%
Communication
Services
5.1%
Utilities
4.0%
11
Victory
Portfolios
Victory
Trivalent
International
Small-Cap
Fund
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
long-term
growth
of
capital.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments, and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
Celestica,
Inc.
1.2%
Arkema
SA
0.9%
AIXTRON
SE
0.9%
Bank
of
Ireland
Group
PLC
0.9%
Internet
Initiative
Japan,
Inc.
0.8%
PSP
Swiss
Property
AG,
Registered
Shares
0.8%
Daido
Steel
Co.
Ltd.
0.8%
Sopra
Steria
Group
0.8%
BE
Semiconductor
Industries
NV
0.8%
Finning
International,
Inc.
0.8%
Industrials
22.2%
Information
Technology
11.9%
Consumer
Discretionary
11.8%
Materials
10.5%
Financials
10.2%
Health
Care
8.5%
Real
Estate
8.3%
Communication
Services
4.5%
Energy
4.2%
Consumer
Staples
4.1%
12
Victory
Portfolios
Victory
Total
Return
Bond
Fund
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
a
high
level
of
current
income.
Its
secondary
objective
is
capital
appreciation.
Asset
Allocation*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Percentages
are
of
the
net
assets
of
the
Fund
and
may
not
equal
100%.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
Victory
Integrity
Discovery
Fund
13
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Common
Stocks
(98.3%)
Banks
(19.6%):
Bridgewater
Bancshares,
Inc.
(a)
............................................
36,051
$
487
Business
First
Bancshares,
Inc.
.............................................
19,700
486
Central
Pacific
Financial
Corp.
.............................................
20,450
402
Civista
Bancshares,
Inc.
..................................................
26,900
496
ConnectOne
Bancorp,
Inc.
................................................
26,900
616
Dime
Community
Bancshares,
Inc.
..........................................
25,500
687
Financial
Institutions,
Inc.
.................................................
17,600
375
First
Internet
Bancorp
....................................................
17,500
423
First
Mid
Bancshares,
Inc.
................................................
17,450
605
German
American
Bancorp,
Inc.
............................................
17,970
582
HarborOne
Bancorp,
Inc.
.................................................
45,900
550
Heritage
Commerce
Corp.
................................................
55,200
548
Independent
Bank
Corp.
..................................................
19,700
513
Mercantile
Bank
Corp.
...................................................
10,360
418
Origin
Bancorp,
Inc.
.....................................................
17,900
637
Peoples
Bancorp,
Inc.
....................................................
16,650
562
Premier
Financial
Corp.
..................................................
27,250
657
Primis
Financial
Corp.
...................................................
34,300
434
QCR
Holdings,
Inc.
.....................................................
9,050
528
SmartFinancial,
Inc.
.....................................................
12,775
313
Southern
Missouri
Bancorp,
Inc.
............................................
9,520
508
The
First
Bancshares,
Inc.
.................................................
21,750
638
Univest
Financial
Corp.
..................................................
26,700
588
Washington
Trust
Bancorp,
Inc.
.............................................
10,800
350
12,403
Capital
Markets
(0.9%):
Diamond
Hill
Investment
Group,
Inc.
........................................
3,445
570
Communication
Services
(4.3%):
Clear
Channel
Outdoor
Holdings,
Inc.
(a)
......................................
399,000
726
IMAX
Corp.
(a)
........................................................
18,600
279
Magnite,
Inc.
(a)
(b)
......................................................
48,700
455
PubMatic,
Inc.
,
Class
A
(a)
................................................
21,400
349
The
E.W.
Scripps
Co.
,
Class
A
(a)
...........................................
43,750
350
The
Marcus
Corp.
......................................................
40,350
588
2,747
Consumer
Discretionary
(13.8%):
BJ's
Restaurants,
Inc.
(a)
..................................................
17,800
641
Caleres,
Inc.
..........................................................
21,700
667
Chuy's
Holdings,
Inc.
(a)
..................................................
18,600
711
European
Wax
Center,
Inc.
,
Class
A
(a)
........................................
23,432
318
Genesco,
Inc.
(a)
........................................................
11,000
387
Hibbett,
Inc.
..........................................................
7,692
554
Latham
Group,
Inc.
(a)
...................................................
131,500
346
Lindblad
Expeditions
Holdings,
Inc.
(a)
.......................................
53,500
603
MasterCraft
Boat
Holdings,
Inc.
(a)
..........................................
17,000
385
Modine
Manufacturing
Co.
(a)
..............................................
11,500
687
Motorcar
Parts
of
America,
Inc.
(a)
...........................................
50,500
472
National
Vision
Holdings,
Inc.
(a)
............................................
17,600
368
OneWater
Marine,
Inc.
(a)
.................................................
19,550
661
Potbelly
Corp.
(a)
.......................................................
38,500
401
Red
Robin
Gourmet
Burgers,
Inc.
(a)
(b)
.......................................
35,000
436
Solo
Brands,
Inc.
,
Class
A
(a)
...............................................
64,500
397
Universal
Electronics,
Inc.
(a)
..............................................
32,000
301
Zumiez,
Inc.
(a)
........................................................
18,700
380
8,715
Consumer
Finance
(0.9%):
EZCORP,
Inc.
,
Class
A
(a)
.................................................
65,200
570
Victory
Portfolios
Victory
Integrity
Discovery
Fund
14
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Energy
(6.5%):
Berry
Corp.
...........................................................
76,500
$
538
Diamond
Offshore
Drilling,
Inc.
(a)
..........................................
43,050
560
Helix
Energy
Solutions
Group,
Inc.
(a)
........................................
54,150
557
ProPetro
Holding
Corp.
(a)
................................................
50,000
419
Solaris
Oilfield
Infrastructure,
Inc.
,
Class
A
....................................
50,000
398
Talos
Energy,
Inc.
(a)
.....................................................
30,750
437
Teekay
Tankers
Ltd.
,
Class
A
...............................................
11,700
584
Vital
Energy,
Inc.
(a)
.....................................................
13,520
615
4,108
Financial
Services
(0.8%):
I3
Verticals,
Inc.
,
Class
A
(a)
...............................................
24,400
517
Health
Care
(6.4%):
Artivion,
Inc.
(a)
........................................................
33,000
590
Brookdale
Senior
Living,
Inc.
(a)
............................................
171,900
1,001
Collegium
Pharmaceutical,
Inc.
(a)
...........................................
19,775
609
Community
Health
Systems,
Inc.
(a)
..........................................
111,948
350
HealthStream,
Inc.
......................................................
23,600
638
RadNet,
Inc.
(a)
........................................................
25,000
869
4,057
Industrials
(17.8%):
BlueLinx
Holdings,
Inc.
(a)
................................................
5,480
621
Columbus
McKinnon
Corp.
...............................................
19,900
777
Covenant
Logistics
Group,
Inc.
.............................................
9,510
438
CRA
International,
Inc.
...................................................
3,800
376
Ducommun,
Inc.
(a)
.....................................................
12,800
666
DXP
Enterprises,
Inc.
(a)
..................................................
13,500
455
Eagle
Bulk
Shipping,
Inc.
(b)
...............................................
9,600
532
Enviri
Corp.
(a)
.........................................................
76,400
688
Great
Lakes
Dredge
&
Dock
Corp.
(a)
........................................
75,000
576
Hawaiian
Holdings,
Inc.
(a)
................................................
19,100
271
IBEX
Holdings
Ltd.
(a)
...................................................
21,750
413
Insteel
Industries,
Inc.
....................................................
13,300
509
Interface,
Inc.
.........................................................
44,450
561
Kelly
Services,
Inc.
,
Class
A
...............................................
24,100
521
Matrix
Service
Co.
(a)
....................................................
39,300
384
Park
Aerospace
Corp.
....................................................
23,100
340
Park-Ohio
Holdings
Corp.
................................................
13,750
371
Quanex
Building
Products
Corp.
............................................
13,200
404
SP
Plus
Corp.
(a)
........................................................
6,350
325
Sterling
Check
Corp.
(a)
..................................................
30,200
420
Titan
Machinery,
Inc.
(a)
..................................................
20,700
598
VSE
Corp.
............................................................
9,500
614
Willdan
Group,
Inc.
(a)
...................................................
20,300
436
11,296
Information
Technology
(12.1%):
Benchmark
Electronics,
Inc.
...............................................
23,400
647
Comtech
Telecommunications
Corp.
.........................................
54,700
461
Digi
International,
Inc.
(a)
.................................................
13,500
351
Harmonic,
Inc.
(a)
.......................................................
41,900
546
Ichor
Holdings
Ltd.
(a)
...................................................
22,500
757
Kimball
Electronics,
Inc.
(a)
...............................................
23,850
643
Lantronix,
Inc.
(a)
.......................................................
65,500
384
nLight,
Inc.
(a)
.........................................................
33,600
454
OneSpan,
Inc.
(a)
.......................................................
28,400
304
PDF
Solutions,
Inc.
(a)
...................................................
14,940
480
Ribbon
Communications,
Inc.
(a)
............................................
156,000
452
SkyWater
Technology,
Inc.
(a)
(b)
............................................
53,500
515
TTM
Technologies,
Inc.
(a)
................................................
32,400
512
Veeco
Instruments,
Inc.
(a)
.................................................
21,400
664
Victory
Portfolios
Victory
Integrity
Discovery
Fund
15
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Vishay
Precision
Group,
Inc.
(a)
.............................................
14,450
$
492
7,662
Insurance
(1.4%):
HCI
Group,
Inc.
........................................................
5,970
522
Heritage
Insurance
Holdings,
Inc.
(a)
.........................................
58,000
378
900
Materials
(6.7%):
AdvanSix,
Inc.
.........................................................
21,800
653
Clearwater
Paper
Corp.
(a)
.................................................
17,550
634
Haynes
International,
Inc.
.................................................
11,250
642
Koppers
Holdings,
Inc.
...................................................
11,250
576
Schnitzer
Steel
Industries,
Inc.
.............................................
19,420
586
SunCoke
Energy,
Inc.
....................................................
50,100
538
TimkenSteel
Corp.
(a)
....................................................
25,750
604
4,233
Mortgage
Real
Estate
Investment
Trusts
(REITs)
(1.8%):
Ares
Commercial
Real
Estate
Corp.
(b)
........................................
48,500
503
Dynex
Capital,
Inc.
.....................................................
52,350
655
1,158
Real
Estate
(4.6%):
City
Office
REIT,
Inc.
....................................................
79,000
483
Global
Medical
REIT,
Inc.
................................................
54,600
606
NETSTREIT
Corp.
.....................................................
42,250
754
NexPoint
Residential
Trust,
Inc.
............................................
13,350
460
Plymouth
Industrial
REIT,
Inc.
.............................................
26,300
633
2,936
Utilities
(0.7%):
Unitil
Corp.
...........................................................
8,423
443
Total
Common
Stocks
(Cost
$50,612)
a
a
a
62,315
Collateral
for
Securities
Loaned
(1.9%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.25
%
(c)
........
293,659
293
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.30
%
(c)
............
293,659
294
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.28
%
(c)
...............
293,659
294
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.26
%
(c)
.
293,659
294
Total
Collateral
for
Securities
Loaned
(Cost
$1,175)
a
a
a
1,175
Total
Investments
(Cost
$51,787)
—
100.2%
63,490
Liabilities
in
excess
of
other
assets
—
(0.2)%
(
109
)
NET
ASSETS
-
100.00%
$
63,381
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
December
31,
2023.
REIT
—
Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
Victory
Integrity
Mid-Cap
Value
Fund
16
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Common
Stocks
(99.0%)
Communication
Services
(2.3%):
Liberty
Media
Corp.-Liberty
Formula
One
(a)
...................................
38,165
$
2,409
Lions
Gate
Entertainment
Corp.
,
Class
B
(a)
....................................
154,908
1,579
Take-Two
Interactive
Software,
Inc.
(a)
........................................
21,183
3,409
7,397
Consumer
Discretionary
(9.0%):
Brunswick
Corp.
.......................................................
28,612
2,768
Caesars
Entertainment,
Inc.
(a)
..............................................
57,958
2,717
Genuine
Parts
Co.
......................................................
19,916
2,758
Kontoor
Brands,
Inc.
....................................................
42,773
2,670
Marriott
Vacations
Worldwide
Corp.
.........................................
29,921
2,540
Nordstrom,
Inc.
........................................................
92,809
1,712
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
......................................
142,883
2,864
PVH
Corp.
...........................................................
31,706
3,872
Ralph
Lauren
Corp.
.....................................................
19,516
2,814
Visteon
Corp.
(a)
........................................................
16,314
2,038
Yum!
Brands,
Inc.
......................................................
22,855
2,986
29,739
Consumer
Staples
(5.4%):
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
........................................
41,661
2,777
Coty,
Inc.
,
Class
A
(a)
....................................................
219,400
2,725
Dollar
Tree,
Inc.
(a)
......................................................
23,200
3,295
Lamb
Weston
Holdings,
Inc.
...............................................
26,421
2,856
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
49,434
3,026
Performance
Food
Group
Co.
(a)
............................................
42,397
2,932
17,611
Energy
(5.0%):
Antero
Resources
Corp.
(a)
................................................
102,667
2,328
Diamondback
Energy,
Inc.
................................................
19,781
3,068
Halliburton
Co.
........................................................
82,425
2,980
Hess
Corp.
............................................................
19,381
2,794
Ovintiv,
Inc.
..........................................................
43,346
1,904
Phillips
66
............................................................
24,429
3,252
16,326
Financials
(14.6%):
Annaly
Capital
Management,
Inc.
...........................................
123,966
2,401
Arch
Capital
Group
Ltd.
(a)
................................................
38,361
2,849
Arthur
J.
Gallagher
&
Co.
.................................................
15,559
3,499
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
54,409
2,404
Cincinnati
Financial
Corp.
................................................
22,310
2,308
Fifth
Third
Bancorp
.....................................................
107,697
3,714
Global
Payments,
Inc.
....................................................
28,367
3,603
Huntington
Bancshares,
Inc.
...............................................
253,652
3,226
Lincoln
National
Corp.
...................................................
91,012
2,455
M&T
Bank
Corp.
.......................................................
22,185
3,041
Principal
Financial
Group,
Inc.
.............................................
30,659
2,412
Raymond
James
Financial,
Inc.
.............................................
30,212
3,369
Reinsurance
Group
of
America,
Inc.
.........................................
20,863
3,375
State
Street
Corp.
.......................................................
54,795
4,244
The
Hartford
Financial
Services
Group,
Inc.
....................................
33,808
2,718
Western
Alliance
Bancorp
.................................................
37,005
2,435
48,053
Health
Care
(6.6%):
Centene
Corp.
(a)
.......................................................
31,087
2,307
Encompass
Health
Corp.
..................................................
44,345
2,959
GE
HealthCare
Technologies,
Inc.
...........................................
31,087
2,403
Jazz
Pharmaceuticals
PLC
(a)
..............................................
16,007
1,969
Laboratory
Corp.
of
America
Holdings
........................................
10,727
2,438
Victory
Portfolios
Victory
Integrity
Mid-Cap
Value
Fund
17
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Perrigo
Co.
PLC
.......................................................
52,962
$
1,704
STERIS
PLC
..........................................................
12,076
2,655
Tenet
Healthcare
Corp.
(a)
.................................................
37,001
2,796
United
Therapeutics
Corp.
(a)
..............................................
11,555
2,541
21,772
Industrials
(21.5%):
Carlisle
Cos.,
Inc.
.......................................................
9,590
2,996
Clean
Harbors,
Inc.
(a)
...................................................
16,616
2,900
Curtiss-Wright
Corp.
....................................................
12,515
2,788
Delta
Air
Lines,
Inc.
.....................................................
61,463
2,473
Ferguson
PLC
.........................................................
24,665
4,762
Fluor
Corp.
(a)
.........................................................
73,397
2,875
Howmet
Aerospace,
Inc.
..................................................
52,628
2,848
ITT,
Inc.
.............................................................
27,434
3,273
Johnson
Controls
International
PLC
..........................................
41,175
2,373
Leidos
Holdings,
Inc.
....................................................
27,222
2,947
Lincoln
Electric
Holdings,
Inc.
.............................................
12,916
2,809
Old
Dominion
Freight
Line,
Inc.
............................................
8,415
3,411
PACCAR,
Inc.
.........................................................
46,941
4,584
Parker-Hannifin
Corp.
...................................................
11,218
5,168
Pentair
PLC
...........................................................
47,642
3,464
Regal
Rexnord
Corp.
....................................................
19,903
2,946
Ryder
System,
Inc.
......................................................
20,614
2,372
Saia,
Inc.
(a)
...........................................................
5,571
2,441
Textron,
Inc.
..........................................................
36,306
2,920
The
Brink's
Co.
........................................................
29,949
2,634
Valmont
Industries,
Inc.
..................................................
15,413
3,599
Westinghouse
Air
Brake
Technologies
Corp.
....................................
32,680
4,147
70,730
Information
Technology
(9.8%):
Flex
Ltd.
(a)
...........................................................
77,231
2,353
Gen
Digital,
Inc.
.......................................................
135,663
3,096
Hewlett
Packard
Enterprise
Co.
.............................................
163,766
2,781
HP,
Inc.
..............................................................
80,207
2,413
Jabil,
Inc.
............................................................
18,128
2,310
Juniper
Networks,
Inc.
...................................................
98,483
2,903
Marvell
Technology,
Inc.
.................................................
39,851
2,403
Microchip
Technology,
Inc.
................................................
35,769
3,226
MKS
Instruments,
Inc.
...................................................
29,680
3,053
ON
Semiconductor
Corp.
(a)
...............................................
30,738
2,568
Teradata
Corp.
(a)
.......................................................
64,104
2,789
Western
Digital
Corp.
(a)
..................................................
46,237
2,421
32,316
Materials
(8.0%):
ATI,
Inc.
(a)
...........................................................
62,139
2,826
Berry
Global
Group,
Inc.
.................................................
47,387
3,193
Celanese
Corp.
.........................................................
22,998
3,573
CF
Industries
Holdings,
Inc.
...............................................
30,886
2,456
Cleveland-Cliffs,
Inc.
(a)
..................................................
203,884
4,163
Martin
Marietta
Materials,
Inc.
.............................................
7,773
3,878
Reliance
Steel
&
Aluminum
Co.
............................................
11,260
3,149
Westlake
Corp.
........................................................
21,065
2,948
26,186
Real
Estate
(8.3%):
Apartment
Income
REIT
Corp.
.............................................
81,722
2,838
Essex
Property
Trust,
Inc.
.................................................
15,318
3,798
Federal
Realty
Investment
Trust
............................................
28,971
2,985
Host
Hotels
&
Resorts,
Inc.
................................................
174,966
3,407
Realty
Income
Corp.
....................................................
81,287
4,668
VICI
Properties,
Inc.
....................................................
111,375
3,551
Victory
Portfolios
Victory
Integrity
Mid-Cap
Value
Fund
18
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Welltower,
Inc.
.........................................................
34,074
$
3,072
Weyerhaeuser
Co.
......................................................
90,479
3,146
27,465
Utilities
(8.5%):
CenterPoint
Energy,
Inc.
..................................................
88,126
2,518
Constellation
Energy
Corp.
................................................
28,808
3,368
DTE
Energy
Co.
.......................................................
20,280
2,236
Evergy,
Inc.
...........................................................
40,002
2,088
FirstEnergy
Corp.
.......................................................
74,296
2,724
National
Fuel
Gas
Co.
...................................................
41,565
2,085
Pinnacle
West
Capital
Corp.
...............................................
29,287
2,104
PPL
Corp.
............................................................
101,147
2,741
UGI
Corp.
............................................................
102,772
2,528
Vistra
Corp.
...........................................................
78,901
3,039
Xcel
Energy,
Inc.
.......................................................
42,493
2,631
28,062
Total
Common
Stocks
(Cost
$270,765)
a
a
a
325,657
Total
Investments
(Cost
$270,765)
—
99.0%
325,657
Other
assets
in
excess
of
liabilities
—
1.0%
3,345
NET
ASSETS
-
100.00%
$
329,002
At
December
31,
2023,
the
Fund's
investments
in
foreign
securities
were
5.4%
of
net
assets.
(a)
Non-income
producing
security.
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
Victory
Integrity
Small-Cap
Value
Fund
19
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Common
Stocks
(98.7%)
Communication
Services
(1.6%):
Cinemark
Holdings,
Inc.
(a)
................................................
540,200
$
7,611
Lions
Gate
Entertainment
Corp.
,
Class
B
(a)
....................................
730,000
7,439
Magnite,
Inc.
(a)
........................................................
1,000,000
9,340
24,390
Consumer
Discretionary
(9.0%):
Bloomin'
Brands,
Inc.
....................................................
408,000
11,485
Kontoor
Brands,
Inc.
....................................................
192,000
11,985
Light
&
Wonder,
Inc.
(a)
..................................................
147,400
12,103
Marriott
Vacations
Worldwide
Corp.
.........................................
126,300
10,722
Modine
Manufacturing
Co.
(a)
..............................................
227,000
13,552
Nordstrom,
Inc.
........................................................
826,800
15,254
PVH
Corp.
...........................................................
125,300
15,302
Sally
Beauty
Holdings,
Inc.
(a)
..............................................
854,000
11,341
Steven
Madden
Ltd.
.....................................................
341,000
14,322
The
Gap,
Inc.
..........................................................
565,500
11,824
Visteon
Corp.
(a)
........................................................
92,000
11,491
139,381
Consumer
Staples
(2.4%):
Edgewell
Personal
Care
Co.
...............................................
221,000
8,095
The
Andersons,
Inc.
.....................................................
218,500
12,573
The
Simply
Good
Foods
Co.
(a)
.............................................
228,500
9,049
TreeHouse
Foods,
Inc.
(a)
.................................................
196,100
8,128
37,845
Energy
(9.3%):
Atlas
Energy
Solutions,
Inc.
...............................................
645,000
11,107
California
Resources
Corp.
................................................
194,300
10,624
Chord
Energy
Corp.
.....................................................
93,550
15,551
Civitas
Resources,
Inc.
...................................................
200,000
13,676
Diamond
Offshore
Drilling,
Inc.
(a)
..........................................
1,152,000
14,976
Green
Plains,
Inc.
(a)
.....................................................
480,600
12,121
International
Seaways,
Inc.
................................................
369,000
16,782
Matador
Resources
Co.
...................................................
279,100
15,869
Murphy
Oil
Corp.
......................................................
356,000
15,187
Permian
Resources
Corp.
.................................................
1,298,000
17,653
143,546
Financials
(22.7%):
AGNC
Investment
Corp.
.................................................
1,650,200
16,189
Ameris
Bancorp
........................................................
283,000
15,013
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
236,500
10,449
Assured
Guaranty
Ltd.
...................................................
147,000
11,000
Atlantic
Union
Bankshares
Corp.
............................................
366,300
13,385
Banc
of
California,
Inc.
..................................................
681,500
9,153
Bank
of
Hawaii
Corp.
....................................................
229,000
16,593
Banner
Corp.
..........................................................
240,500
12,881
Dynex
Capital,
Inc.
.....................................................
825,300
10,333
First
Bancorp
..........................................................
288,000
10,659
First
Merchants
Corp.
....................................................
409,505
15,184
Glacier
Bancorp,
Inc.
....................................................
401,000
16,569
Kemper
Corp.
.........................................................
172,800
8,410
Ladder
Capital
Corp.
....................................................
896,200
10,315
MGIC
Investment
Corp.
..................................................
739,200
14,259
Northwest
Bancshares,
Inc.
................................................
994,000
12,405
Pacific
Premier
Bancorp,
Inc.
..............................................
502,000
14,613
Primerica,
Inc.
.........................................................
50,700
10,432
Prosperity
Bancshares,
Inc.
................................................
118,300
8,013
RLI
Corp.
............................................................
63,600
8,466
Skyward
Specialty
Insurance
Group,
Inc.
(a)
....................................
300,000
10,164
SouthState
Corp.
.......................................................
228,500
19,297
Victory
Portfolios
Victory
Integrity
Small-Cap
Value
Fund
20
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Stifel
Financial
Corp.
....................................................
141,000
$
9,750
Synovus
Financial
Corp.
..................................................
288,000
10,843
Valley
National
Bancorp
..................................................
1,681,000
18,256
Veritex
Holdings,
Inc.
....................................................
548,000
12,752
Virtus
Investment
Partners,
Inc.
.............................................
54,100
13,079
Western
Alliance
Bancorp
.................................................
177,900
11,704
350,166
Health
Care
(7.4%):
Brookdale
Senior
Living,
Inc.
(a)
............................................
1,350,000
7,857
Collegium
Pharmaceutical,
Inc.
(a)
...........................................
340,000
10,465
Encompass
Health
Corp.
..................................................
104,700
6,986
Haemonetics
Corp.
(a)
....................................................
96,400
8,243
Ironwood
Pharmaceuticals,
Inc.
(a)
...........................................
1,264,000
14,460
LivaNova
PLC
(a)
.......................................................
272,000
14,073
Patterson
Cos.,
Inc.
.....................................................
356,300
10,137
Perrigo
Co.
PLC
.......................................................
239,900
7,720
Prestige
Consumer
Healthcare,
Inc.
(a)
........................................
190,700
11,675
Select
Medical
Holdings
Corp.
.............................................
515,000
12,102
Supernus
Pharmaceuticals,
Inc.
(a)
...........................................
353,300
10,225
113,943
Industrials
(16.4%):
ArcBest
Corp.
.........................................................
116,400
13,992
Atkore,
Inc.
(a)
.........................................................
67,000
10,720
BWX
Technologies,
Inc.
..................................................
119,300
9,154
Core
&
Main,
Inc.
,
Class
A
(a)
..............................................
294,700
11,909
Curtiss-Wright
Corp.
....................................................
49,500
11,028
Esab
Corp.
............................................................
119,900
10,386
Federal
Signal
Corp.
.....................................................
97,700
7,497
Fluor
Corp.
(a)
.........................................................
345,000
13,514
Gibraltar
Industries,
Inc.
(a)
................................................
172,500
13,624
Hub
Group,
Inc.
,
Class
A
(a)
...............................................
134,000
12,320
Kirby
Corp.
(a)
.........................................................
110,500
8,672
Korn
Ferry
...........................................................
158,000
9,377
Moog,
Inc.
,
Class
A
.....................................................
121,700
17,620
Ryder
System,
Inc.
......................................................
101,700
11,702
Terex
Corp.
...........................................................
185,000
10,630
The
Brink's
Co.
........................................................
167,800
14,758
UFP
Industries,
Inc.
.....................................................
141,600
17,778
Valmont
Industries,
Inc.
..................................................
57,400
13,403
Vestis
Corp.
...........................................................
672,100
14,208
Wabash
National
Corp.
...................................................
384,000
9,838
Werner
Enterprises,
Inc.
..................................................
246,000
10,423
252,553
Information
Technology
(8.9%):
Belden,
Inc.
...........................................................
163,700
12,646
Diodes,
Inc.
(a)
.........................................................
163,700
13,181
FormFactor,
Inc.
(a)
.....................................................
312,900
13,051
Harmonic,
Inc.
(a)
.......................................................
808,000
10,536
Kulicke
&
Soffa
Industries,
Inc.
.............................................
225,600
12,345
MKS
Instruments,
Inc.
...................................................
127,400
13,106
Plexus
Corp.
(a)
........................................................
95,000
10,272
Sanmina
Corp.
(a)
.......................................................
246,500
12,663
Synaptics,
Inc.
(a)
.......................................................
125,400
14,306
Teradata
Corp.
(a)
.......................................................
299,000
13,009
Veeco
Instruments,
Inc.
(a)
.................................................
389,000
12,071
137,186
Materials
(6.9%):
Arch
Resources,
Inc.
....................................................
82,800
13,740
ATI,
Inc.
(a)
...........................................................
312,200
14,196
Commercial
Metals
Co.
..................................................
312,000
15,612
Victory
Portfolios
Victory
Integrity
Small-Cap
Value
Fund
21
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Ecovyst,
Inc.
(a)
........................................................
777,300
$
7,594
Huntsman
Corp.
........................................................
439,100
11,035
Ingevity
Corp.
(a)
.......................................................
229,300
10,827
Orion
SA
(b)
..........................................................
356,900
9,897
Summit
Materials,
Inc.
,
Class
A
(a)
..........................................
355,500
13,672
Tronox
Holdings
PLC
...................................................
679,000
9,615
106,188
Real
Estate
(9.1%):
Alexander
&
Baldwin,
Inc.
................................................
441,500
8,397
CareTrust
REIT,
Inc.
....................................................
426,300
9,541
DiamondRock
Hospitality
Co.
..............................................
1,380,000
12,958
Easterly
Government
Properties,
Inc.
.........................................
854,000
11,478
Essential
Properties
Realty
Trust,
Inc.
........................................
546,000
13,956
LXP
Industrial
Trust
.....................................................
1,408,300
13,970
Physicians
Realty
Trust
...................................................
1,188,500
15,819
Sabra
Health
Care
REIT,
Inc.
..............................................
860,000
12,272
SITE
Centers
Corp.
.....................................................
1,138,000
15,511
STAG
Industrial,
Inc.
....................................................
215,200
8,449
Summit
Hotel
Properties,
Inc.
..............................................
1,261,400
8,477
Veris
Residential,
Inc.
....................................................
573,000
9,013
139,841
Utilities
(5.0%):
ALLETE,
Inc.
.........................................................
257,500
15,749
National
Fuel
Gas
Co.
...................................................
197,000
9,883
Northwestern
Energy
Group,
Inc.
...........................................
264,000
13,435
ONE
Gas,
Inc.
.........................................................
187,700
11,960
Portland
General
Electric
Co.
..............................................
337,000
14,606
Spire,
Inc.
............................................................
190,100
11,851
77,484
Total
Common
Stocks
(Cost
$1,260,372)
a
a
a
1,522,523
Exchange-Traded
Funds
(0.2%)
iShares
Russell
2000
Value
ETF
............................................
17,000
2,641
Total
Exchange-Traded
Funds
(Cost
$2,344)
a
a
a
2,641
Collateral
for
Securities
Loaned
(0.0%)^(c)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.25
%
(d)
........
5,750
5
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.30
%
(d)
............
5,750
6
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.28
%
(d)
...............
5,750
6
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.26
%
(d)
.
5,750
6
Total
Collateral
for
Securities
Loaned
(Cost
$23)
a
a
a
23
Total
Investments
(Cost
$1,262,739)
—
98.9%
1,525,187
Other
assets
in
excess
of
liabilities
—
1.1%
16,835
NET
ASSETS
-
100.00%
$
1,542,022
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Rate
disclosed
is
the
daily
yield
on
December
31,
2023.
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
Victory
Integrity
Small/Mid-Cap
Value
Fund
22
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Common
Stocks
(103.5%)
Communication
Services
(1.6%):
Cinemark
Holdings,
Inc.
(a)
................................................
109,352
$
1,541
Liberty
Media
Corp.-Liberty
Formula
One
(a)
...................................
29,884
1,886
Lions
Gate
Entertainment
Corp.
,
Class
B
(a)
....................................
136,569
1,392
4,819
Consumer
Discretionary
(11.7%):
Bloomin'
Brands,
Inc.
....................................................
84,213
2,371
Brunswick
Corp.
.......................................................
26,516
2,565
Caesars
Entertainment,
Inc.
(a)
..............................................
51,822
2,429
Kontoor
Brands,
Inc.
....................................................
39,912
2,491
Light
&
Wonder,
Inc.
(a)
..................................................
27,541
2,261
Marriott
Vacations
Worldwide
Corp.
.........................................
28,487
2,418
Nordstrom,
Inc.
........................................................
177,918
3,283
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
......................................
144,670
2,899
PVH
Corp.
...........................................................
32,248
3,938
Ralph
Lauren
Corp.
.....................................................
17,966
2,591
Sally
Beauty
Holdings,
Inc.
(a)
..............................................
169,815
2,255
Steven
Madden
Ltd.
.....................................................
67,799
2,848
Visteon
Corp.
(a)
........................................................
17,619
2,201
34,550
Consumer
Staples
(4.2%):
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
........................................
36,017
2,401
Coty,
Inc.
,
Class
A
(a)
....................................................
209,101
2,597
MGP
Ingredients,
Inc.
....................................................
19,952
1,966
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
40,075
2,453
Performance
Food
Group
Co.
(a)
............................................
42,147
2,914
12,331
Energy
(6.0%):
Antero
Resources
Corp.
(a)
................................................
69,532
1,577
Cactus,
Inc.
,
Class
A
.....................................................
39,992
1,816
California
Resources
Corp.
................................................
37,831
2,068
Chord
Energy
Corp.
.....................................................
12,006
1,996
Civitas
Resources,
Inc.
...................................................
29,021
1,984
Diamond
Offshore
Drilling,
Inc.
(a)
..........................................
152,447
1,982
International
Seaways,
Inc.
................................................
43,618
1,984
Ovintiv,
Inc.
..........................................................
47,331
2,079
Permian
Resources
Corp.
.................................................
156,418
2,127
17,613
Financials
(18.6%):
AGNC
Investment
Corp.
.................................................
287,525
2,821
American
Financial
Group,
Inc.
.............................................
17,793
2,115
Annaly
Capital
Management,
Inc.
...........................................
159,177
3,083
Artisan
Partners
Asset
Management,
Inc.
,
Class
A
................................
49,700
2,196
Atlantic
Union
Bankshares
Corp.
............................................
68,061
2,487
Bank
of
Hawaii
Corp.
....................................................
41,544
3,010
East
West
Bancorp,
Inc.
..................................................
32,476
2,337
Euronet
Worldwide,
Inc.
(a)
................................................
23,925
2,428
Glacier
Bancorp,
Inc.
....................................................
74,710
3,087
Kinsale
Capital
Group,
Inc.
................................................
4,299
1,440
Lincoln
National
Corp.
...................................................
70,857
1,911
MGIC
Investment
Corp.
..................................................
158,744
3,062
Prosperity
Bancshares,
Inc.
................................................
28,589
1,936
Reinsurance
Group
of
America,
Inc.
.........................................
13,991
2,263
Selective
Insurance
Group,
Inc.
.............................................
20,124
2,002
SouthState
Corp.
.......................................................
35,842
3,027
Stifel
Financial
Corp.
....................................................
37,311
2,580
Synovus
Financial
Corp.
..................................................
71,687
2,699
Valley
National
Bancorp
..................................................
237,433
2,579
Veritex
Holdings,
Inc.
....................................................
112,886
2,627
Victory
Portfolios
Victory
Integrity
Small/Mid-Cap
Value
Fund
23
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Voya
Financial,
Inc.
.....................................................
33,770
$
2,464
Western
Alliance
Bancorp
.................................................
39,299
2,585
54,739
Health
Care
(7.3%):
Encompass
Health
Corp.
..................................................
37,830
2,524
Ironwood
Pharmaceuticals,
Inc.
(a)
...........................................
237,000
2,711
Jazz
Pharmaceuticals
PLC
(a)
..............................................
13,993
1,721
LivaNova
PLC
(a)
.......................................................
43,963
2,275
Perrigo
Co.
PLC
.......................................................
73,501
2,365
Prestige
Consumer
Healthcare,
Inc.
(a)
........................................
36,621
2,242
Select
Medical
Holdings
Corp.
.............................................
91,985
2,162
Tenet
Healthcare
Corp.
(a)
.................................................
38,520
2,911
United
Therapeutics
Corp.
(a)
..............................................
11,639
2,559
21,470
Industrials
(22.8%):
AECOM
.............................................................
35,585
3,289
Atkore,
Inc.
(a)
.........................................................
16,325
2,612
Carlisle
Cos.,
Inc.
.......................................................
12,351
3,859
Clean
Harbors,
Inc.
(a)
...................................................
20,297
3,542
Core
&
Main,
Inc.
,
Class
A
(a)
..............................................
77,857
3,146
Curtiss-Wright
Corp.
....................................................
13,819
3,079
Fluor
Corp.
(a)
.........................................................
79,631
3,119
GXO
Logistics,
Inc.
(a)
...................................................
39,644
2,425
ITT,
Inc.
.............................................................
29,970
3,576
Kirby
Corp.
(a)
.........................................................
35,151
2,759
Knight-Swift
Transportation
Holdings,
Inc.
....................................
51,043
2,943
Korn
Ferry
...........................................................
31,242
1,854
Leidos
Holdings,
Inc.
....................................................
19,606
2,122
Pentair
PLC
...........................................................
50,783
3,692
Ryder
System,
Inc.
......................................................
22,974
2,643
Saia,
Inc.
(a)
...........................................................
8,291
3,633
Terex
Corp.
...........................................................
38,522
2,213
Textron,
Inc.
..........................................................
44,046
3,542
The
Brink's
Co.
........................................................
36,674
3,226
Valmont
Industries,
Inc.
..................................................
15,891
3,711
Vestis
Corp.
...........................................................
140,003
2,960
Westinghouse
Air
Brake
Technologies
Corp.
....................................
24,442
3,102
67,047
Information
Technology
(9.0%):
Belden,
Inc.
...........................................................
30,500
2,356
Diodes,
Inc.
(a)
.........................................................
32,649
2,629
Flex
Ltd.
(a)
...........................................................
82,917
2,526
FormFactor,
Inc.
(a)
.....................................................
64,864
2,705
Jabil,
Inc.
............................................................
17,966
2,289
Juniper
Networks,
Inc.
...................................................
108,996
3,213
Kulicke
&
Soffa
Industries,
Inc.
.............................................
45,344
2,481
MKS
Instruments,
Inc.
...................................................
33,711
3,468
Synaptics,
Inc.
(a)
.......................................................
19,469
2,221
Teradata
Corp.
(a)
.......................................................
59,334
2,582
26,470
Materials
(9.1%):
Arch
Resources,
Inc.
....................................................
16,670
2,766
ATI,
Inc.
(a)
...........................................................
57,781
2,627
Berry
Global
Group,
Inc.
.................................................
48,107
3,242
CF
Industries
Holdings,
Inc.
...............................................
22,780
1,811
Cleveland-Cliffs,
Inc.
(a)
..................................................
158,228
3,231
Commercial
Metals
Co.
..................................................
58,213
2,913
Huntsman
Corp.
........................................................
87,494
2,199
Ingevity
Corp.
(a)
.......................................................
47,900
2,262
Reliance
Steel
&
Aluminum
Co.
............................................
11,573
3,237
Victory
Portfolios
Victory
Integrity
Small/Mid-Cap
Value
Fund
24
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Westlake
Corp.
........................................................
17,705
$
2,478
26,766
Real
Estate
(8.3%):
Apartment
Income
REIT
Corp.
.............................................
87,578
3,041
Camden
Property
Trust
...................................................
25,652
2,547
Federal
Realty
Investment
Trust
............................................
31,697
3,266
First
Industrial
Realty
Trust,
Inc.
............................................
74,880
3,944
Gaming
and
Leisure
Properties,
Inc.
.........................................
77,298
3,815
Highwoods
Properties,
Inc.
................................................
102,524
2,354
Host
Hotels
&
Resorts,
Inc.
................................................
177,744
3,461
SITE
Centers
Corp.
.....................................................
157,000
2,140
24,568
Utilities
(4.9%):
ALLETE,
Inc.
.........................................................
53,203
3,254
National
Fuel
Gas
Co.
...................................................
52,252
2,622
Pinnacle
West
Capital
Corp.
...............................................
32,561
2,339
UGI
Corp.
............................................................
108,825
2,677
Vistra
Corp.
...........................................................
89,389
3,443
14,335
Total
Common
Stocks
(Cost
$260,093)
a
a
a
304,708
Total
Investments
(Cost
$260,093)
—
103.5%
304,708
Liabilities
in
excess
of
other
assets
—
(3.5)%
(
10,311
)
NET
ASSETS
-
100.00%
$
294,397
At
December
31,
2023,
the
Fund's
investments
in
foreign
securities
were
5.2%
of
net
assets.
(a)
Non-income
producing
security.
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
Victory
Munder
Multi-Cap
Fund
25
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Common
Stocks
(96.7%)
Communication
Services
(8.8%):
Alphabet,
Inc.
,
Class
A
(a)
.................................................
141,760
$
19,802
Meta
Platforms,
Inc.
,
Class
A
(a)
............................................
6,400
2,265
Netflix,
Inc.
(a)
.........................................................
4,600
2,240
The
New
York
Times
Co.
,
Class
A
...........................................
83,500
4,091
T-Mobile
US,
Inc.
......................................................
14,600
2,341
Yelp,
Inc.
(a)
...........................................................
125,800
5,955
36,694
Consumer
Discretionary
(10.5%):
Amazon.com,
Inc.
(a)
....................................................
79,200
12,034
AutoZone,
Inc.
(a)
.......................................................
2,200
5,688
Booking
Holdings,
Inc.
(a)
.................................................
1,400
4,966
McDonald's
Corp.
......................................................
20,500
6,079
O'Reilly
Automotive,
Inc.
(a)
...............................................
5,500
5,225
Starbucks
Corp.
........................................................
42,500
4,080
Tesla,
Inc.
(a)
..........................................................
7,300
1,814
TopBuild
Corp.
(a)
......................................................
11,400
4,267
44,153
Consumer
Staples
(4.2%):
BellRing
Brands,
Inc.
(a)
..................................................
58,100
3,221
Casey's
General
Stores,
Inc.
...............................................
13,500
3,709
Darling
Ingredients,
Inc.
(a)
................................................
49,200
2,452
MGP
Ingredients,
Inc.
....................................................
39,000
3,842
Philip
Morris
International,
Inc.
.............................................
48,300
4,544
17,768
Energy
(4.6%):
Diamondback
Energy,
Inc.
................................................
31,100
4,823
EOG
Resources,
Inc.
....................................................
38,800
4,693
Halliburton
Co.
........................................................
70,700
2,556
Matador
Resources
Co.
...................................................
80,800
4,594
Schlumberger
NV
......................................................
45,500
2,368
19,034
Financials
(17.5%):
Ameriprise
Financial,
Inc.
.................................................
15,200
5,773
Axos
Financial,
Inc.
(a)
...................................................
77,800
4,248
Chubb
Ltd.
...........................................................
17,100
3,865
Corebridge
Financial,
Inc.
.................................................
128,500
2,783
First
Citizens
Bancshares,
Inc.
,
Class
A
.......................................
1,700
2,412
Fiserv,
Inc.
(a)
..........................................................
40,400
5,367
Globe
Life,
Inc.
........................................................
44,300
5,392
Interactive
Brokers
Group,
Inc.
.............................................
46,200
3,830
JPMorgan
Chase
&
Co.
..................................................
52,900
8,998
Kinsale
Capital
Group,
Inc.
................................................
7,300
2,445
LPL
Financial
Holdings,
Inc.
...............................................
16,200
3,687
NMI
Holdings,
Inc.
,
Class
A
(a)
.............................................
141,000
4,185
Shift4
Payments,
Inc.
,
Class
A
(a)
............................................
37,300
2,773
The
Bancorp,
Inc.
(a)
.....................................................
152,200
5,869
Visa,
Inc.
,
Class
A
......................................................
29,900
7,785
W.R.
Berkley
Corp.
.....................................................
55,000
3,890
73,302
Health
Care
(13.5%):
Amphastar
Pharmaceuticals,
Inc.
(a)
..........................................
100,200
6,197
Cencora,
Inc.
..........................................................
28,200
5,792
Elevance
Health,
Inc.
....................................................
8,200
3,867
Eli
Lilly
&
Co.
.........................................................
17,000
9,909
HCA
Healthcare,
Inc.
....................................................
14,700
3,979
McKesson
Corp.
.......................................................
12,300
5,695
Medpace
Holdings,
Inc.
(a)
................................................
8,700
2,667
Victory
Portfolios
Victory
Munder
Multi-Cap
Fund
26
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Novo
Nordisk
A/S
,
ADR
..................................................
51,600
$
5,338
Stryker
Corp.
..........................................................
8,100
2,425
The
Cigna
Group
.......................................................
7,800
2,336
The
Ensign
Group,
Inc.
...................................................
52,800
5,925
Zoetis,
Inc.
...........................................................
13,000
2,566
56,696
Industrials
(10.6%):
AGCO
Corp.
..........................................................
26,300
3,193
Allison
Transmission
Holdings,
Inc.
.........................................
38,000
2,210
Comfort
Systems
USA,
Inc.
...............................................
23,200
4,772
EMCOR
Group,
Inc.
....................................................
25,300
5,450
GXO
Logistics,
Inc.
(a)
...................................................
48,400
2,960
Janus
International
Group,
Inc.
(a)
...........................................
215,200
2,808
Saia,
Inc.
(a)
...........................................................
10,300
4,514
Terex
Corp.
...........................................................
62,000
3,562
United
Rentals,
Inc.
.....................................................
8,500
4,874
Verra
Mobility
Corp.
(a)
..................................................
202,700
4,668
W.W.
Grainger,
Inc.
.....................................................
3,300
2,735
Westinghouse
Air
Brake
Technologies
Corp.
....................................
20,400
2,589
44,335
Information
Technology
(24.2%):
Adobe,
Inc.
(a)
.........................................................
6,100
3,639
Apple,
Inc.
...........................................................
134,180
25,834
Arista
Networks,
Inc.
(a)
..................................................
17,700
4,168
Badger
Meter,
Inc.
......................................................
15,900
2,454
Broadcom,
Inc.
........................................................
5,000
5,581
Cadence
Design
Systems,
Inc.
(a)
............................................
24,600
6,700
Cisco
Systems,
Inc.
.....................................................
103,400
5,224
Fabrinet
(a)
............................................................
22,400
4,263
Microchip
Technology,
Inc.
................................................
25,200
2,273
Microsoft
Corp.
........................................................
74,760
28,113
NVIDIA
Corp.
.........................................................
16,100
7,973
ON
Semiconductor
Corp.
(a)
...............................................
25,700
2,147
ServiceNow,
Inc.
(a)
.....................................................
4,100
2,897
101,266
Materials
(1.0%):
Linde
PLC
............................................................
5,000
2,054
Summit
Materials,
Inc.
,
Class
A
(a)
..........................................
59,130
2,274
4,328
Real
Estate
(1.8%):
Simon
Property
Group,
Inc.
...............................................
24,000
3,423
VICI
Properties,
Inc.
....................................................
132,500
4,224
7,647
Total
Common
Stocks
(Cost
$284,777)
a
a
a
405,223
Exchange-Traded
Funds
(1.9%)
iShares
Russell
3000
ETF
(b)
...............................................
29,400
8,048
Total
Exchange-Traded
Funds
(Cost
$7,677)
a
a
a
8,048
Collateral
for
Securities
Loaned
(1.0%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.25
%
(c)
........
1,079,925
1,080
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.30
%
(c)
............
1,079,925
1,080
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.28
%
(c)
...............
1,234,200
1,234
Victory
Portfolios
Victory
Munder
Multi-Cap
Fund
27
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.26
%
(c)
.
925,650
$
926
Total
Collateral
for
Securities
Loaned
(Cost
$4,320)
a
a
a
4,320
Total
Investments
(Cost
$296,774)
—
99.6%
417,591
Other
assets
in
excess
of
liabilities
—
0.4%
1,729
NET
ASSETS
-
100.00%
$
419,320
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
December
31,
2023.
ADR
—
American
Depositary
Receipt
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
Victory
S&P
500
Index
Fund
28
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Common
Stocks
(99.1%)
Communication
Services
(8.5%):
Alphabet,
Inc.
,
Class
A
(a)
.................................................
37,342
$
5,216
Alphabet,
Inc.
,
Class
C
(a)
.................................................
31,428
4,429
AT&T,
Inc.
...........................................................
45,116
757
Charter
Communications,
Inc.
,
Class
A
(a)
.....................................
635
247
Comcast
Corp.
,
Class
A
..................................................
25,338
1,111
Electronic
Arts,
Inc.
.....................................................
1,544
211
Fox
Corp.
,
Class
A
......................................................
1,560
46
Fox
Corp.
,
Class
B
......................................................
832
23
Live
Nation
Entertainment,
Inc.
(a)
...........................................
895
84
Match
Group,
Inc.
(a)
....................................................
1,715
63
Meta
Platforms,
Inc.
,
Class
A
(a)
............................................
14,006
4,958
Netflix,
Inc.
(a)
.........................................................
2,762
1,345
News
Corp.
,
Class
A
.....................................................
2,401
59
News
Corp.
,
Class
B
....................................................
724
19
Omnicom
Group,
Inc.
....................................................
1,249
108
Paramount
Global
,
Class
B
................................................
3,044
45
Take-Two
Interactive
Software,
Inc.
(a)
........................................
998
161
The
Interpublic
Group
of
Cos.,
Inc.
..........................................
2,417
79
The
Walt
Disney
Co.
....................................................
11,546
1,042
T-Mobile
US,
Inc.
......................................................
3,211
515
Verizon
Communications,
Inc.
..............................................
26,528
1,000
Warner
Bros
Discovery,
Inc.
(a)
.............................................
14,002
159
21,677
Communications
Equipment
(0.8%):
Arista
Networks,
Inc.
(a)
..................................................
1,590
374
Cisco
Systems,
Inc.
.....................................................
25,559
1,291
F5,
Inc.
(a)
............................................................
377
68
Juniper
Networks,
Inc.
...................................................
2,012
59
Motorola
Solutions,
Inc.
..................................................
1,047
328
2,120
Consumer
Discretionary
(10.8%):
Airbnb,
Inc.
,
Class
A
(a)
..................................................
2,743
373
Amazon.com,
Inc.
(a)
....................................................
57,382
8,719
Aptiv
PLC
(a)
..........................................................
1,785
160
AutoZone,
Inc.
(a)
.......................................................
111
287
Bath
&
Body
Works,
Inc.
.................................................
1,435
62
Best
Buy
Co.,
Inc.
......................................................
1,222
96
Booking
Holdings,
Inc.
(a)
.................................................
220
780
BorgWarner,
Inc.
.......................................................
1,483
53
Caesars
Entertainment,
Inc.
(a)
..............................................
1,361
64
CarMax,
Inc.
(a)
........................................................
1,001
77
Carnival
Corp.
(a)
.......................................................
6,357
118
Chipotle
Mexican
Grill,
Inc.
(a)
.............................................
173
396
D.R.
Horton,
Inc.
.......................................................
1,902
289
Darden
Restaurants,
Inc.
..................................................
759
125
Domino's
Pizza,
Inc.
.....................................................
220
91
eBay,
Inc.
............................................................
3,275
143
Etsy,
Inc.
(a)
...........................................................
756
61
Expedia
Group,
Inc.
(a)
...................................................
841
128
Ford
Motor
Co.
........................................................
24,811
302
Garmin
Ltd.
...........................................................
966
124
General
Motors
Co.
.....................................................
8,641
310
Genuine
Parts
Co.
......................................................
885
123
Hasbro,
Inc.
...........................................................
823
42
Hilton
Worldwide
Holdings,
Inc.
............................................
1,618
295
Las
Vegas
Sands
Corp.
...................................................
2,329
115
Lennar
Corp.
,
Class
A
....................................................
1,578
235
LKQ
Corp.
...........................................................
1,689
81
Lowe's
Cos.,
Inc.
.......................................................
3,642
811
Victory
Portfolios
Victory
S&P
500
Index
Fund
29
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Lululemon
Athletica,
Inc.
(a)
...............................................
727
$
372
Marriott
International,
Inc.
,
Class
A
..........................................
1,557
351
McDonald's
Corp.
......................................................
4,577
1,357
MGM
Resorts
International
(a)
..............................................
1,724
77
Mohawk
Industries,
Inc.
(a)
................................................
334
35
NIKE,
Inc.
,
Class
B
.....................................................
7,723
838
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
......................................
2,684
54
NVR,
Inc.
(a)
..........................................................
20
140
O'Reilly
Automotive,
Inc.
(a)
...............................................
373
354
Pool
Corp.
............................................................
244
97
PulteGroup,
Inc.
........................................................
1,360
140
Ralph
Lauren
Corp.
.....................................................
251
36
Ross
Stores,
Inc.
.......................................................
2,137
296
Royal
Caribbean
Cruises
Ltd.
(a)
............................................
1,487
193
Starbucks
Corp.
........................................................
7,210
692
Tapestry,
Inc.
..........................................................
1,446
53
Tesla,
Inc.
(a)
..........................................................
17,451
4,336
The
Home
Depot,
Inc.
...................................................
6,310
2,187
The
TJX
Cos.,
Inc.
......................................................
7,219
677
Tractor
Supply
Co.
......................................................
682
147
Ulta
Beauty,
Inc.
(a)
.....................................................
311
152
VF
Corp.
.............................................................
2,086
39
Whirlpool
Corp.
........................................................
346
42
Wynn
Resorts
Ltd.
......................................................
606
55
Yum!
Brands,
Inc.
......................................................
1,769
231
27,411
Consumer
Staples
(6.1%):
Altria
Group,
Inc.
.......................................................
11,160
450
Archer-Daniels-Midland
Co.
...............................................
3,366
243
Brown-Forman
Corp.
,
Class
B
.............................................
1,155
66
Bunge
Global
SA
.......................................................
917
93
Campbell
Soup
Co.
.....................................................
1,239
54
Church
&
Dwight
Co.,
Inc.
................................................
1,555
147
Colgate-Palmolive
Co.
...................................................
5,195
414
Conagra
Brands,
Inc.
....................................................
3,016
86
Constellation
Brands,
Inc.
,
Class
A
..........................................
1,020
247
Costco
Wholesale
Corp.
..................................................
2,794
1,844
Dollar
General
Corp.
....................................................
1,385
188
Dollar
Tree,
Inc.
(a)
......................................................
1,319
187
General
Mills,
Inc.
......................................................
3,668
239
Hormel
Foods
Corp.
.....................................................
1,828
59
Kellanova
............................................................
1,664
93
Kenvue,
Inc.
..........................................................
10,875
234
Keurig
Dr
Pepper,
Inc.
...................................................
6,353
212
Kimberly-Clark
Corp.
....................................................
2,132
259
Lamb
Weston
Holdings,
Inc.
...............................................
914
99
McCormick
&
Co.,
Inc.
..................................................
1,586
109
Molson
Coors
Beverage
Co.
,
Class
B
.........................................
1,168
71
Mondelez
International,
Inc.
,
Class
A
.........................................
8,584
622
Monster
Beverage
Corp.
(a)
................................................
4,661
269
PepsiCo,
Inc.
..........................................................
8,675
1,473
Philip
Morris
International,
Inc.
.............................................
9,796
922
Sysco
Corp.
...........................................................
3,181
233
Target
Corp.
..........................................................
2,913
415
The
Clorox
Co.
........................................................
782
111
The
Coca-Cola
Co.
......................................................
24,552
1,447
The
Estee
Lauder
Cos.,
Inc.
...............................................
1,466
214
The
Hershey
Co.
.......................................................
946
176
The
J.M.
Smucker
Co.
...................................................
670
85
The
Kraft
Heinz
Co.
.....................................................
5,031
186
The
Kroger
Co.
........................................................
4,176
191
The
Procter
&
Gamble
Co.
................................................
14,872
2,179
Victory
Portfolios
Victory
S&P
500
Index
Fund
30
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Tyson
Foods,
Inc.
,
Class
A
................................................
1,800
$
97
Walgreens
Boots
Alliance,
Inc.
.............................................
4,525
118
Walmart,
Inc.
..........................................................
9,001
1,419
15,551
Electronic
Equipment,
Instruments
&
Components
(0.6%):
Amphenol
Corp.
,
Class
A
.................................................
3,775
374
CDW
Corp.
...........................................................
845
192
Corning,
Inc.
..........................................................
4,845
148
Jabil,
Inc.
............................................................
807
103
Keysight
Technologies,
Inc.
(a)
.............................................
1,120
178
TE
Connectivity
Ltd.
....................................................
1,961
275
Teledyne
Technologies,
Inc.
(a)
.............................................
298
133
Trimble,
Inc.
(a)
........................................................
1,570
83
Zebra
Technologies
Corp.
(a)
...............................................
324
89
1,575
Energy
(3.9%):
APA
Corp.
............................................................
1,935
70
Baker
Hughes
Co.
......................................................
6,349
217
Chevron
Corp.
.........................................................
11,078
1,652
ConocoPhillips
Co.
.....................................................
7,492
870
Coterra
Energy,
Inc.
.....................................................
4,746
121
Devon
Energy
Corp.
.....................................................
4,043
183
Diamondback
Energy,
Inc.
................................................
1,129
175
EOG
Resources,
Inc.
....................................................
3,680
445
EQT
Corp.
............................................................
2,595
100
Exxon
Mobil
Corp.
.....................................................
25,276
2,527
Halliburton
Co.
........................................................
5,648
204
Hess
Corp.
............................................................
1,744
252
Kinder
Morgan,
Inc.
.....................................................
12,202
215
Marathon
Oil
Corp.
.....................................................
3,693
89
Marathon
Petroleum
Corp.
................................................
2,396
356
Occidental
Petroleum
Corp.
...............................................
4,166
249
ONEOK,
Inc.
..........................................................
3,676
258
Phillips
66
............................................................
2,776
370
Pioneer
Natural
Resources
Co.
.............................................
1,472
331
Schlumberger
NV
......................................................
9,014
469
Targa
Resources
Corp.
...................................................
1,407
122
The
Williams
Cos.,
Inc.
..................................................
7,676
267
Valero
Energy
Corp.
.....................................................
2,148
279
9,821
Financials
(12.9%):
Aflac,
Inc.
............................................................
3,356
277
American
Express
Co.
...................................................
3,633
681
American
International
Group,
Inc.
..........................................
4,430
300
Ameriprise
Financial,
Inc.
.................................................
639
243
Aon
PLC
,
Class
A
......................................................
1,263
368
Arch
Capital
Group
Ltd.
(a)
................................................
2,355
175
Arthur
J.
Gallagher
&
Co.
.................................................
1,362
306
Assurant,
Inc.
.........................................................
332
56
Bank
of
America
Corp.
...................................................
43,444
1,463
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
.........................................
11,481
4,095
BlackRock,
Inc.
........................................................
882
716
Blackstone,
Inc.
........................................................
4,484
587
Brown
&
Brown,
Inc.
....................................................
1,491
106
Capital
One
Financial
Corp.
...............................................
2,403
315
Cboe
Global
Markets,
Inc.
................................................
666
119
Chubb
Ltd.
...........................................................
2,574
582
Cincinnati
Financial
Corp.
................................................
990
102
Citigroup,
Inc.
.........................................................
12,077
621
Citizens
Financial
Group,
Inc.
..............................................
2,942
97
CME
Group,
Inc.
.......................................................
2,272
478
Victory
Portfolios
Victory
S&P
500
Index
Fund
31
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Comerica,
Inc.
.........................................................
832
$
46
Discover
Financial
Services
...............................................
1,578
177
Everest
Group
Ltd.
......................................................
274
97
FactSet
Research
Systems,
Inc.
.............................................
240
114
Fidelity
National
Information
Services,
Inc.
....................................
3,739
225
Fifth
Third
Bancorp
.....................................................
4,297
148
Fiserv,
Inc.
(a)
..........................................................
3,787
503
FleetCor
Technologies,
Inc.
(a)
..............................................
456
129
Franklin
Resources,
Inc.
..................................................
1,779
53
Global
Payments,
Inc.
....................................................
1,643
209
Globe
Life,
Inc.
........................................................
540
66
Huntington
Bancshares,
Inc.
...............................................
9,137
116
Intercontinental
Exchange,
Inc.
.............................................
3,612
464
Invesco
Ltd.
...........................................................
2,837
51
Jack
Henry
&
Associates,
Inc.
..............................................
460
75
JPMorgan
Chase
&
Co.
..................................................
18,242
3,103
KeyCorp.
............................................................
5,908
85
Loews
Corp.
..........................................................
1,155
80
M&T
Bank
Corp.
.......................................................
1,047
144
MarketAxess
Holdings,
Inc.
...............................................
239
70
Marsh
&
McLennan
Cos.,
Inc.
.............................................
3,111
589
Mastercard,
Inc.
,
Class
A
.................................................
5,225
2,229
MetLife,
Inc.
..........................................................
3,923
259
Moody's
Corp.
.........................................................
993
388
Morgan
Stanley
........................................................
7,975
744
MSCI,
Inc.
...........................................................
499
282
Nasdaq,
Inc.
..........................................................
2,148
125
Northern
Trust
Corp.
....................................................
1,306
110
PayPal
Holdings,
Inc.
(a)
..................................................
6,803
418
Principal
Financial
Group,
Inc.
.............................................
1,384
109
Prudential
Financial,
Inc.
.................................................
2,278
236
Raymond
James
Financial,
Inc.
.............................................
1,186
132
Regions
Financial
Corp.
..................................................
5,869
114
S&P
Global,
Inc.
.......................................................
2,044
900
State
Street
Corp.
.......................................................
1,947
151
Synchrony
Financial
.....................................................
2,611
100
T.
Rowe
Price
Group,
Inc.
.................................................
1,410
152
The
Allstate
Corp.
......................................................
1,651
231
The
Bank
of
New
York
Mellon
Corp.
.........................................
4,853
253
The
Charles
Schwab
Corp.
................................................
9,391
646
The
Goldman
Sachs
Group,
Inc.
............................................
2,058
794
The
Hartford
Financial
Services
Group,
Inc.
....................................
1,898
153
The
PNC
Financial
Services
Group,
Inc.
......................................
2,514
389
The
Progressive
Corp.
...................................................
3,692
588
The
Travelers
Cos.,
Inc.
..................................................
1,441
274
Truist
Financial
Corp.
....................................................
8,415
311
U.S.
Bancorp
..........................................................
9,825
425
Visa,
Inc.
,
Class
A
......................................................
10,058
2,619
W.R.
Berkley
Corp.
.....................................................
1,285
91
Wells
Fargo
&
Co.
......................................................
22,915
1,128
Willis
Towers
Watson
PLC
................................................
652
157
Zions
Bancorp
NA
......................................................
935
41
32,780
Health
Care
(12.5%):
Abbott
Laboratories
.....................................................
10,950
1,205
AbbVie,
Inc.
..........................................................
11,140
1,726
Agilent
Technologies,
Inc.
.................................................
1,846
257
Align
Technology,
Inc.
(a)
.................................................
449
123
Amgen,
Inc.
...........................................................
3,377
973
Baxter
International,
Inc.
.................................................
3,201
124
Becton
Dickinson
&
Co.
..................................................
1,831
446
Biogen,
Inc.
(a)
.........................................................
914
236
Victory
Portfolios
Victory
S&P
500
Index
Fund
32
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
........................................
132
$
43
Bio-Techne
Corp.
.......................................................
998
77
Boston
Scientific
Corp.
(a)
.................................................
9,239
534
Bristol-Myers
Squibb
Co.
.................................................
12,839
659
Cardinal
Health,
Inc.
....................................................
1,555
157
Catalent,
Inc.
(a)
........................................................
1,138
51
Cencora,
Inc.
..........................................................
1,052
216
Centene
Corp.
(a)
.......................................................
3,371
250
Charles
River
Laboratories
International,
Inc.
(a)
.................................
324
77
CVS
Health
Corp.
......................................................
8,105
640
Danaher
Corp.
.........................................................
4,150
960
DaVita,
Inc.
(a)
.........................................................
340
36
DENTSPLY
SIRONA,
Inc.
................................................
1,337
47
Dexcom,
Inc.
(a)
........................................................
2,438
302
Edwards
Lifesciences
Corp.
(a)
.............................................
3,827
292
Elevance
Health,
Inc.
....................................................
1,483
699
Eli
Lilly
&
Co.
.........................................................
5,032
2,933
GE
HealthCare
Technologies,
Inc.
...........................................
2,470
191
Gilead
Sciences,
Inc.
....................................................
7,862
637
HCA
Healthcare,
Inc.
....................................................
1,250
338
Henry
Schein,
Inc.
(a)
....................................................
824
62
Hologic,
Inc.
(a)
........................................................
1,546
110
Humana,
Inc.
..........................................................
777
356
IDEXX
Laboratories,
Inc.
(a)
...............................................
524
291
Illumina,
Inc.
(a)
........................................................
1,002
139
Incyte
Corp.
(a)
.........................................................
1,174
74
Insulet
Corp.
(a)
........................................................
441
96
Intuitive
Surgical,
Inc.
(a)
.................................................
2,222
750
IQVIA
Holdings,
Inc.
(a)
..................................................
1,155
267
Johnson
&
Johnson
.....................................................
15,190
2,381
Laboratory
Corp.
of
America
Holdings
........................................
536
122
McKesson
Corp.
.......................................................
840
389
Medtronic
PLC
........................................................
8,396
692
Merck
&
Co.,
Inc.
......................................................
15,990
1,743
Mettler-Toledo
International,
Inc.
(a)
.........................................
137
166
Moderna,
Inc.
(a)
.......................................................
2,093
208
Molina
Healthcare,
Inc.
(a)
................................................
368
133
Pfizer,
Inc.
............................................................
35,629
1,026
Quest
Diagnostics,
Inc.
...................................................
709
98
Regeneron
Pharmaceuticals,
Inc.
(a)
..........................................
676
594
ResMed,
Inc.
..........................................................
928
160
Revvity,
Inc.
..........................................................
779
85
STERIS
PLC
..........................................................
623
137
Stryker
Corp.
..........................................................
2,133
639
Teleflex,
Inc.
..........................................................
297
74
The
Cigna
Group
.......................................................
1,846
553
The
Cooper
Cos.,
Inc.
....................................................
312
118
Thermo
Fisher
Scientific,
Inc.
..............................................
2,438
1,294
UnitedHealth
Group,
Inc.
.................................................
5,836
3,072
Universal
Health
Services,
Inc.
,
Class
B
.......................................
385
59
Vertex
Pharmaceuticals,
Inc.
(a)
.............................................
1,626
662
Viatris,
Inc.
...........................................................
7,570
82
Waters
Corp.
(a)
........................................................
373
123
West
Pharmaceutical
Services,
Inc.
..........................................
467
164
Zimmer
Biomet
Holdings,
Inc.
.............................................
1,319
160
Zoetis,
Inc.
...........................................................
2,897
572
31,880
Industrials
(8.7%):
3M
Co.
..............................................................
3,485
381
A.O.
Smith
Corp.
.......................................................
775
64
Allegion
PLC
.........................................................
554
70
American
Airlines
Group,
Inc.
(a)
............................................
4,124
57
Victory
Portfolios
Victory
S&P
500
Index
Fund
33
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
AMETEK,
Inc.
........................................................
1,456
$
240
Automatic
Data
Processing,
Inc.
............................................
2,595
605
Axon
Enterprise,
Inc.
(a)
..................................................
444
115
Broadridge
Financial
Solutions,
Inc.
.........................................
742
153
Builders
FirstSource,
Inc.
(a)
...............................................
778
130
C.H.
Robinson
Worldwide,
Inc.
.............................................
736
64
Carrier
Global
Corp.
.....................................................
5,294
304
Caterpillar,
Inc.
........................................................
3,219
952
Ceridian
HCM
Holding,
Inc.
(a)
.............................................
984
66
Cintas
Corp.
..........................................................
546
329
Copart,
Inc.
(a)
.........................................................
5,513
270
CSX
Corp.
............................................................
12,469
432
Cummins,
Inc.
.........................................................
894
214
Deere
&
Co.
..........................................................
1,690
676
Delta
Air
Lines,
Inc.
.....................................................
4,060
163
Dover
Corp.
...........................................................
883
136
Eaton
Corp.
PLC
.......................................................
2,520
607
Emerson
Electric
Co.
....................................................
3,597
350
Equifax,
Inc.
..........................................................
777
192
Expeditors
International
of
Washington,
Inc.
....................................
917
117
Fastenal
Co.
...........................................................
3,606
234
FedEx
Corp.
..........................................................
1,460
369
Fortive
Corp.
..........................................................
2,218
163
Generac
Holdings,
Inc.
(a)
.................................................
388
50
General
Dynamics
Corp.
..................................................
1,429
371
General
Electric
Co.
.....................................................
6,868
877
Honeywell
International,
Inc.
..............................................
4,160
872
Howmet
Aerospace,
Inc.
..................................................
2,468
134
Hubbell,
Inc.
..........................................................
338
111
Huntington
Ingalls
Industries,
Inc.
...........................................
251
65
IDEX
Corp.
...........................................................
477
104
Illinois
Tool
Works,
Inc.
..................................................
1,728
453
Ingersoll
Rand,
Inc.
.....................................................
2,554
198
J.B.
Hunt
Transport
Services,
Inc.
...........................................
514
103
Jacobs
Solutions,
Inc.
....................................................
795
103
Johnson
Controls
International
PLC
..........................................
4,293
247
L3Harris
Technologies,
Inc.
...............................................
1,196
252
Leidos
Holdings,
Inc.
....................................................
868
94
Lockheed
Martin
Corp.
...................................................
1,393
631
Masco
Corp.
..........................................................
1,417
95
Nordson
Corp.
.........................................................
342
90
Norfolk
Southern
Corp.
..................................................
1,427
337
Northrop
Grumman
Corp.
.................................................
894
418
Old
Dominion
Freight
Line,
Inc.
............................................
565
229
Otis
Worldwide
Corp.
....................................................
2,582
231
PACCAR,
Inc.
.........................................................
3,301
322
Parker-Hannifin
Corp.
...................................................
811
374
Paychex,
Inc.
..........................................................
2,029
242
Paycom
Software,
Inc.
...................................................
309
64
Pentair
PLC
...........................................................
1,043
76
Quanta
Services,
Inc.
....................................................
917
198
Republic
Services,
Inc.
...................................................
1,290
213
Robert
Half,
Inc.
.......................................................
668
59
Rockwell
Automation,
Inc.
................................................
724
225
Rollins,
Inc.
...........................................................
1,771
77
RTX
Corp.
............................................................
9,073
763
Snap-on,
Inc.
..........................................................
333
96
Southwest
Airlines
Co.
...................................................
3,761
109
Stanley
Black
&
Decker,
Inc.
..............................................
967
95
Textron,
Inc.
..........................................................
1,237
99
The
Boeing
Co.
(a)
......................................................
3,588
935
Trane
Technologies
PLC
..................................................
1,441
351
TransDigm
Group,
Inc.
...................................................
349
353
Victory
Portfolios
Victory
S&P
500
Index
Fund
34
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Uber
Technologies,
Inc.
(a)
................................................
12,981
$
799
Union
Pacific
Corp.
.....................................................
3,847
945
United
Airlines
Holdings,
Inc.
(a)
............................................
2,070
85
United
Parcel
Service,
Inc.
,
Class
B
..........................................
4,564
718
United
Rentals,
Inc.
.....................................................
428
245
Veralto
Corp.
..........................................................
1,383
114
Verisk
Analytics,
Inc.
....................................................
915
219
W.W.
Grainger,
Inc.
.....................................................
279
231
Waste
Management,
Inc.
..................................................
2,313
414
Westinghouse
Air
Brake
Technologies
Corp.
....................................
1,130
143
Xylem,
Inc.
...........................................................
1,521
174
22,256
IT
Services
(1.2%):
Accenture
PLC
,
Class
A
..................................................
3,960
1,390
Akamai
Technologies,
Inc.
(a)
..............................................
952
113
Cognizant
Technology
Solutions
Corp.
,
Class
A
.................................
3,164
239
EPAM
Systems,
Inc.
(a)
...................................................
364
108
Gartner,
Inc.
(a)
........................................................
492
222
International
Business
Machines
Corp.
........................................
5,762
942
VeriSign,
Inc.
(a)
........................................................
560
115
3,129
Materials
(2.4%):
Air
Products
and
Chemicals,
Inc.
............................................
1,402
384
Albemarle
Corp.
.......................................................
740
107
Amcor
PLC
...........................................................
9,120
88
Avery
Dennison
Corp.
...................................................
508
103
Ball
Corp.
............................................................
1,990
114
Celanese
Corp.
.........................................................
632
98
CF
Industries
Holdings,
Inc.
...............................................
1,206
96
Corteva,
Inc.
..........................................................
4,447
213
Dow,
Inc.
............................................................
4,426
243
DuPont
de
Nemours,
Inc.
.................................................
2,714
209
Eastman
Chemical
Co.
...................................................
748
67
Ecolab,
Inc.
...........................................................
1,601
318
FMC
Corp.
...........................................................
787
50
Freeport-McMoRan,
Inc.
.................................................
9,048
385
International
Flavors
&
Fragrances,
Inc.
.......................................
1,611
130
International
Paper
Co.
...................................................
2,183
79
Linde
PLC
............................................................
3,060
1,257
LyondellBasell
Industries
NV
,
Class
A
........................................
1,617
154
Martin
Marietta
Materials,
Inc.
.............................................
390
195
Newmont
Corp.
........................................................
7,272
301
Nucor
Corp.
...........................................................
1,551
270
Packaging
Corp.
of
America
...............................................
566
92
PPG
Industries,
Inc.
.....................................................
1,488
222
Steel
Dynamics,
Inc.
.....................................................
960
113
The
Mosaic
Co.
........................................................
2,062
74
The
Sherwin-Williams
Co.
................................................
1,486
463
Vulcan
Materials
Co.
....................................................
838
190
Westrock
Co.
..........................................................
1,618
67
6,082
Real
Estate
(2.5%):
Alexandria
Real
Estate
Equities,
Inc.
.........................................
987
125
American
Tower
Corp.
...................................................
2,941
635
AvalonBay
Communities,
Inc.
..............................................
896
168
Boston
Properties,
Inc.
...................................................
911
64
Camden
Property
Trust
...................................................
674
67
CBRE
Group,
Inc.
,
Class
A
(a)
..............................................
1,923
179
CoStar
Group,
Inc.
(a)
....................................................
2,577
225
Crown
Castle,
Inc.
......................................................
2,739
315
Digital
Realty
Trust,
Inc.
..................................................
1,911
257
Victory
Portfolios
Victory
S&P
500
Index
Fund
35
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Equinix,
Inc.
..........................................................
592
$
477
Equity
Residential
......................................................
2,180
133
Essex
Property
Trust,
Inc.
.................................................
405
100
Extra
Space
Storage,
Inc.
.................................................
1,333
214
Federal
Realty
Investment
Trust
............................................
464
48
Healthpeak
Properties,
Inc.
................................................
3,452
68
Host
Hotels
&
Resorts,
Inc.
................................................
4,451
87
Invitation
Homes,
Inc.
...................................................
3,630
124
Iron
Mountain,
Inc.
.....................................................
1,842
129
Kimco
Realty
Corp.
.....................................................
3,911
83
Mid-America
Apartment
Communities,
Inc.
....................................
736
99
Prologis,
Inc.
..........................................................
5,830
777
Public
Storage
.........................................................
999
305
Realty
Income
Corp.
....................................................
4,568
262
Regency
Centers
Corp.
...................................................
1,037
69
SBA
Communications
Corp.
...............................................
681
173
Simon
Property
Group,
Inc.
...............................................
2,059
294
UDR,
Inc.
............................................................
1,909
73
Ventas,
Inc.
...........................................................
2,539
127
VICI
Properties,
Inc.
....................................................
6,528
208
Welltower,
Inc.
.........................................................
3,492
315
Weyerhaeuser
Co.
......................................................
4,606
160
6,360
Semiconductors
&
Semiconductor
Equipment
(8.0%):
Advanced
Micro
Devices,
Inc.
(a)
............................................
10,195
1,503
Analog
Devices,
Inc.
....................................................
3,144
624
Applied
Materials,
Inc.
...................................................
5,278
855
Broadcom,
Inc.
........................................................
2,770
3,092
Enphase
Energy,
Inc.
(a)
..................................................
862
114
First
Solar,
Inc.
(a)
......................................................
674
116
Intel
Corp.
............................................................
26,603
1,337
KLA
Corp.
...........................................................
858
499
Lam
Research
Corp.
.....................................................
832
652
Microchip
Technology,
Inc.
................................................
3,414
308
Micron
Technology,
Inc.
..................................................
6,929
591
Monolithic
Power
Systems,
Inc.
............................................
302
190
NVIDIA
Corp.
.........................................................
15,586
7,719
NXP
Semiconductors
NV
.................................................
1,626
373
ON
Semiconductor
Corp.
(a)
...............................................
2,718
227
Qorvo,
Inc.
(a)
.........................................................
614
69
QUALCOMM,
Inc.
.....................................................
7,023
1,016
Skyworks
Solutions,
Inc.
.................................................
1,006
113
Teradyne,
Inc.
.........................................................
965
105
Texas
Instruments,
Inc.
...................................................
5,731
977
20,480
Software
(10.7%):
Adobe,
Inc.
(a)
.........................................................
2,873
1,714
ANSYS,
Inc.
(a)
........................................................
548
199
Autodesk,
Inc.
(a)
.......................................................
1,349
329
Cadence
Design
Systems,
Inc.
(a)
............................................
1,717
468
Fair
Isaac
Corp.
(a)
......................................................
156
182
Fortinet,
Inc.
(a)
........................................................
4,022
235
Gen
Digital,
Inc.
.......................................................
3,558
81
Intuit,
Inc.
............................................................
1,768
1,105
Microsoft
Corp.
........................................................
46,897
17,635
Oracle
Corp.
..........................................................
10,025
1,057
Palo
Alto
Networks,
Inc.
(a)
................................................
1,961
578
PTC,
Inc.
(a)
...........................................................
750
131
Roper
Technologies,
Inc.
..................................................
674
368
Salesforce,
Inc.
(a)
......................................................
6,140
1,616
ServiceNow,
Inc.
(a)
.....................................................
1,294
914
Victory
Portfolios
Victory
S&P
500
Index
Fund
36
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Synopsys,
Inc.
(a)
.......................................................
960
$
494
Tyler
Technologies,
Inc.
(a)
................................................
266
111
27,217
Technology
Hardware,
Storage
&
Peripherals
(7.2%):
Apple,
Inc.
...........................................................
92,249
17,761
Hewlett
Packard
Enterprise
Co.
.............................................
8,095
137
HP,
Inc.
..............................................................
5,488
165
NetApp,
Inc.
..........................................................
1,317
116
Seagate
Technology
Holdings
PLC
..........................................
1,228
105
Western
Digital
Corp.
(a)
..................................................
2,046
107
18,391
Utilities
(2.3%):
Alliant
Energy
Corp.
....................................................
1,610
83
Ameren
Corp.
.........................................................
1,659
120
American
Electric
Power
Co.,
Inc.
...........................................
3,318
269
American
Water
Works
Co.,
Inc.
............................................
1,229
162
Atmos
Energy
Corp.
.....................................................
937
109
CenterPoint
Energy,
Inc.
..................................................
3,983
114
CMS
Energy
Corp.
......................................................
1,841
107
Consolidated
Edison,
Inc.
.................................................
2,178
198
Constellation
Energy
Corp.
................................................
2,015
236
Dominion
Energy,
Inc.
...................................................
5,280
248
DTE
Energy
Co.
.......................................................
1,301
143
Duke
Energy
Corp.
......................................................
4,863
472
Edison
International
.....................................................
2,419
173
Entergy
Corp.
.........................................................
1,334
135
Evergy,
Inc.
...........................................................
1,450
76
Eversource
Energy
......................................................
2,204
136
Exelon
Corp.
..........................................................
6,281
225
FirstEnergy
Corp.
.......................................................
3,259
119
NextEra
Energy,
Inc.
....................................................
12,946
786
NiSource,
Inc.
.........................................................
2,608
69
NRG
Energy,
Inc.
.......................................................
1,425
74
PG&E
Corp.
..........................................................
13,462
243
Pinnacle
West
Capital
Corp.
...............................................
716
51
PPL
Corp.
............................................................
4,651
126
Public
Service
Enterprise
Group,
Inc.
.........................................
3,144
192
Sempra
..............................................................
3,971
297
The
AES
Corp.
........................................................
4,225
81
The
Southern
Co.
.......................................................
6,882
483
WEC
Energy
Group,
Inc.
.................................................
1,990
168
Xcel
Energy,
Inc.
.......................................................
3,482
216
5,911
Total
Common
Stocks
(Cost
$45,613)
a
a
a
252,641
Total
Investments
(Cost
$45,613)
—
99.1%
252,641
Other
assets
in
excess
of
liabilities
—
0.9%
2,341
NET
ASSETS
-
100.00%
$
254,982
(a)
Non-income
producing
security.
PLC
—
Public
Limited
Company
Victory
Portfolios
Victory
S&P
500
Index
Fund
37
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Futures
Contracts
Purchased
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
E-Mini
S&P
500
Futures
..............
9
3/15/24
$
2,134,960
$
2,169,000
$
34,040
Total
unrealized
appreciation
$
34,040
Total
unrealized
depreciation
—
Total
net
unrealized
appreciation
(depreciation)
$
34,040
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
Victory
Munder
Mid-Cap
Core
Growth
Fund
38
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Common
Stocks
(97.9%)
Communication
Services
(3.8%):
Live
Nation
Entertainment,
Inc.
(a)
...........................................
73,544
$
6,883
The
Trade
Desk,
Inc.
,
Class
A
(a)
............................................
79,500
5,721
12,604
Consumer
Discretionary
(11.9%):
Caesars
Entertainment,
Inc.
(a)
..............................................
85,700
4,018
Chipotle
Mexican
Grill,
Inc.
(a)
.............................................
2,100
4,803
D.R.
Horton,
Inc.
.......................................................
44,400
6,748
Lithia
Motors,
Inc.
......................................................
8,500
2,799
NVR,
Inc.
(a)
..........................................................
900
6,300
Pool
Corp.
............................................................
13,200
5,263
Ross
Stores,
Inc.
.......................................................
32,700
4,525
YETI
Holdings,
Inc.
(a)
...................................................
89,900
4,655
39,111
Consumer
Staples
(4.9%):
Casey's
General
Stores,
Inc.
...............................................
18,800
5,165
Church
&
Dwight
Co.,
Inc.
................................................
38,500
3,641
Freshpet,
Inc.
(a)
........................................................
53,300
4,624
Performance
Food
Group
Co.
(a)
............................................
38,100
2,635
16,065
Energy
(3.7%):
Cheniere
Energy,
Inc.
....................................................
22,200
3,790
Diamondback
Energy,
Inc.
................................................
37,100
5,753
Matador
Resources
Co.
...................................................
45,900
2,610
12,153
Financials
(12.7%):
Arch
Capital
Group
Ltd.
(a)
................................................
45,800
3,402
Brown
&
Brown,
Inc.
....................................................
90,900
6,464
Evercore,
Inc.
.........................................................
34,800
5,952
FactSet
Research
Systems,
Inc.
.............................................
11,700
5,581
Global
Payments,
Inc.
....................................................
37,400
4,750
Kinsale
Capital
Group,
Inc.
................................................
10,700
3,583
MSCI,
Inc.
...........................................................
7,800
4,412
Shift4
Payments,
Inc.
,
Class
A
(a)
............................................
24,000
1,784
The
Bancorp,
Inc.
(a)
.....................................................
39,900
1,539
W.R.
Berkley
Corp.
.....................................................
62,200
4,399
41,866
Health
Care
(11.0%):
Agilent
Technologies,
Inc.
.................................................
12,993
1,807
Dexcom,
Inc.
(a)
........................................................
49,200
6,105
Halozyme
Therapeutics,
Inc.
(a)
.............................................
34,500
1,275
Intra-Cellular
Therapies,
Inc.
(a)
.............................................
41,200
2,951
IQVIA
Holdings,
Inc.
(a)
..................................................
18,400
4,257
Medpace
Holdings,
Inc.
(a)
................................................
15,700
4,813
Neurocrine
Biosciences,
Inc.
(a)
.............................................
25,500
3,360
West
Pharmaceutical
Services,
Inc.
..........................................
14,800
5,211
Zoetis,
Inc.
...........................................................
32,630
6,440
36,219
Industrials
(18.4%):
Advanced
Drainage
Systems,
Inc.
...........................................
29,500
4,149
AMETEK,
Inc.
........................................................
35,400
5,837
Chart
Industries,
Inc.
(a)
..................................................
12,100
1,650
Copa
Holdings
SA
,
Class
A
................................................
54,200
5,762
HEICO
Corp.
..........................................................
13,800
2,469
IDEX
Corp.
...........................................................
14,400
3,126
Old
Dominion
Freight
Line,
Inc.
............................................
11,750
4,763
Paylocity
Holding
Corp.
(a)
................................................
15,500
2,555
Victory
Portfolios
Victory
Munder
Mid-Cap
Core
Growth
Fund
39
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Saia,
Inc.
(a)
...........................................................
10,000
$
4,382
The
Middleby
Corp.
(a)
...................................................
10,500
1,545
Trane
Technologies
PLC
..................................................
32,000
7,805
Trex
Co.,
Inc.
(a)
........................................................
85,400
7,070
Verisk
Analytics,
Inc.
....................................................
24,500
5,852
WESCO
International,
Inc.
................................................
20,600
3,582
60,547
Information
Technology
(18.1%):
Amphenol
Corp.
,
Class
A
.................................................
58,520
5,801
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
.......................................
23,200
5,923
CyberArk
Software
Ltd.
(a)
................................................
19,500
4,272
Fair
Isaac
Corp.
(a)
......................................................
5,400
6,286
HubSpot,
Inc.
(a)
.......................................................
9,500
5,515
Keysight
Technologies,
Inc.
(a)
.............................................
30,500
4,852
Lam
Research
Corp.
.....................................................
4,700
3,681
Monolithic
Power
Systems,
Inc.
............................................
11,000
6,939
Synopsys,
Inc.
(a)
.......................................................
9,200
4,737
Teledyne
Technologies,
Inc.
(a)
.............................................
3,800
1,696
Tyler
Technologies,
Inc.
(a)
................................................
12,400
5,185
Zscaler,
Inc.
(a)
.........................................................
21,800
4,830
59,717
Materials
(3.7%):
Avery
Dennison
Corp.
...................................................
27,900
5,640
Freeport-McMoRan,
Inc.
.................................................
65,900
2,805
Louisiana-Pacific
Corp.
..................................................
52,300
3,705
12,150
Real
Estate
(6.4%):
CBRE
Group,
Inc.
,
Class
A
(a)
..............................................
56,400
5,250
CoStar
Group,
Inc.
(a)
....................................................
52,100
4,553
SBA
Communications
Corp.
...............................................
7,103
1,802
Sun
Communities,
Inc.
...................................................
29,516
3,945
VICI
Properties,
Inc.
....................................................
172,000
5,483
21,033
Utilities
(3.3%):
Atmos
Energy
Corp.
.....................................................
43,300
5,018
Sempra
..............................................................
79,078
5,910
10,928
Total
Common
Stocks
(Cost
$229,701)
a
a
a
322,393
Exchange-Traded
Funds
(2.0%)
SPDR
S&P
MidCap
400
ETF
Trust
..........................................
13,300
6,748
Total
Exchange-Traded
Funds
(Cost
$6,637)
a
a
a
6,748
Total
Investments
(Cost
$236,338)
—
99.9%
329,141
Other
assets
in
excess
of
liabilities
—
0.1%
241
NET
ASSETS
-
100.00%
$
329,382
At
December
31,
2023,
the
Fund's
investments
in
foreign
securities
were
6.4%
of
net
assets.
(a)
Non-income
producing
security.
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
40
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Common
Stocks
(97.8%)
Australia
(4.9%):
Consumer
Discretionary
(0.3%):
Aristocrat
Leisure
Ltd.
...................................................
23,273
$
647
Energy
(0.8%):
Santos
Ltd.
...........................................................
159,962
831
Woodside
Energy
Group
Ltd.
..............................................
36,119
763
1,594
Financials
(1.1%):
National
Australia
Bank
Ltd.
...............................................
76,761
1,604
QBE
Insurance
Group
Ltd.
................................................
68,176
691
2,295
Health
Care
(0.4%):
Cochlear
Ltd.
..........................................................
4,076
829
Industrials
(0.6%):
Brambles
Ltd.
.........................................................
70,706
655
Qantas
Airways
Ltd.
(a)
...................................................
182,997
670
1,325
Materials
(1.0%):
Northern
Star
Resources
Ltd.
..............................................
78,431
727
Rio
Tinto
Ltd.
.........................................................
13,748
1,273
2,000
Real
Estate
(0.7%):
Charter
Hall
Group
......................................................
71,424
585
Goodman
Group
.......................................................
43,826
754
1,339
10,029
Austria
(0.5%):
Industrials
(0.5%):
ANDRITZ
AG
.........................................................
15,691
976
Brazil
(1.9%):
Energy
(0.4%):
PRIO
SA
.............................................................
95,300
902
Financials
(0.8%):
Banco
do
Brasil
SA
.....................................................
136,500
1,557
Materials
(0.4%):
Gerdau
SA
,
Preference
Shares
..............................................
165,740
802
Utilities
(0.3%):
Equatorial
Energia
SA
...................................................
96,800
712
3,973
Canada
(6.6%):
Consumer
Discretionary
(0.3%):
Magna
International,
Inc.
.................................................
10,703
632
Energy
(1.0%):
ARC
Resources
Ltd.
.....................................................
34,210
508
Headwater
Exploration,
Inc.
...............................................
114,476
540
Parex
Resources,
Inc.
....................................................
29,697
559
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
41
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Suncor
Energy,
Inc.
.....................................................
17,570
$
563
2,170
Financials
(2.6%):
Fairfax
Financial
Holdings
Ltd.
.............................................
1,885
1,739
National
Bank
of
Canada
.................................................
16,468
1,255
Sun
Life
Financial,
Inc.
..................................................
18,921
982
The
Toronto-Dominion
Bank
...............................................
20,017
1,294
5,270
Industrials
(1.0%):
Element
Fleet
Management
Corp.
...........................................
80,725
1,314
Finning
International,
Inc.
.................................................
24,770
716
2,030
Materials
(1.7%):
Dundee
Precious
Metals,
Inc.
..............................................
86,633
555
Lundin
Mining
Corp.
....................................................
73,857
604
Stella-Jones,
Inc.
.......................................................
24,244
1,411
Teck
Resources
Ltd.
,
Class
B
..............................................
19,775
836
3,406
13,508
Chile
(0.3%):
Consumer
Staples
(0.3%):
Cencosud
SA
..........................................................
357,393
672
China
(6.0%):
Communication
Services
(1.3%):
Baidu,
Inc.
,
Class
SW
(a)
..................................................
39,450
587
Kuaishou
Technology
,
Class
W
(a)
(b)
.........................................
94,500
643
Tencent
Holdings
Ltd.
...................................................
36,600
1,382
2,612
Consumer
Discretionary
(2.0%):
Alibaba
Group
Holding
Ltd.
...............................................
150,396
1,449
BYD
Co.
Ltd.
.........................................................
26,500
731
Li
Auto,
Inc.
,
Class
A
(a)
..................................................
28,900
542
New
Oriental
Education
&
Technology
Group,
Inc.
(a)
.............................
183,700
1,339
4,061
Consumer
Staples
(0.3%):
Tsingtao
Brewery
Co.
Ltd.
,
Class
H
..........................................
82,000
551
Financials
(1.5%):
Agricultural
Bank
of
China
Ltd.
,
Class
H
......................................
1,485,000
573
Bank
of
China
Ltd.
,
Class
H
...............................................
2,071,275
787
China
Construction
Bank
Corp.
,
Class
H
......................................
1,210,000
720
PICC
Property
&
Casualty
Co.
Ltd.
,
Class
H
...................................
808,000
961
3,041
Health
Care
(0.2%):
Sinopharm
Group
Co.
Ltd.
,
Class
H
..........................................
174,800
458
Industrials
(0.3%):
China
Railway
Group
Ltd.
,
Class
H
..........................................
1,604,000
715
Materials
(0.4%):
Anhui
Conch
Cement
Co.
Ltd.
,
Class
H
.......................................
229,500
530
Ganfeng
Lithium
Group
Co.
Ltd.
,
Class
H
(b)
...................................
72,600
274
804
12,242
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
42
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Denmark
(2.8%):
Consumer
Discretionary
(0.6%):
Pandora
A/S
..........................................................
8,684
$
1,201
Health
Care
(2.2%):
Novo
Nordisk
A/S
,
Class
B
................................................
43,131
4,470
5,671
Finland
(0.3%):
Utilities
(0.3%):
Fortum
Oyj
...........................................................
46,662
674
France
(7.1%):
Communication
Services
(0.7%):
Publicis
Groupe
SA
.....................................................
16,572
1,540
Consumer
Discretionary
(0.6%):
LVMH
Moet
Hennessy
Louis
Vuitton
SE
......................................
1,432
1,163
Financials
(0.9%):
AXA
SA
.............................................................
22,342
729
BNP
Paribas
SA
........................................................
17,079
1,186
1,915
Health
Care
(0.7%):
EssilorLuxottica
SA
.....................................................
3,336
670
Ipsen
SA
.............................................................
5,639
672
1,342
Industrials
(1.5%):
Cie
de
Saint-Gobain
SA
..................................................
17,517
1,292
Eiffage
SA
............................................................
7,816
839
Rexel
SA
.............................................................
33,350
915
3,046
Information
Technology
(1.3%):
Capgemini
SE
.........................................................
5,909
1,235
STMicroelectronics
NV
..................................................
29,663
1,488
2,723
Materials
(0.7%):
Arkema
SA
...........................................................
12,160
1,385
Real
Estate
(0.3%):
Klepierre
SA
..........................................................
24,519
669
Utilities
(0.4%):
Engie
SA
.............................................................
49,373
870
14,653
Germany
(4.6%):
Communication
Services
(0.9%):
Deutsche
Telekom
AG
...................................................
80,730
1,941
Consumer
Discretionary
(0.4%):
HUGO
BOSS
AG
......................................................
9,765
727
Consumer
Staples
(0.3%):
Henkel
AG
&
Co.
KGaA
,
Preference
Shares
....................................
8,314
669
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
43
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Financials
(0.6%):
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
,
Class
R
...............
2,870
$
1,190
Industrials
(1.4%):
Daimler
Truck
Holding
AG
................................................
18,517
695
Siemens
AG
,
Registered
Shares
.............................................
11,848
2,223
2,918
Information
Technology
(1.0%):
Infineon
Technologies
AG
.................................................
29,245
1,221
SAP
SE
..............................................................
4,718
726
1,947
9,392
Greece
(0.3%):
Financials
(0.3%):
National
Bank
of
Greece
SA
(a)
.............................................
84,614
588
Hong
Kong
(1.1%):
Financials
(0.2%):
BOC
Hong
Kong
Holdings
Ltd.
............................................
178,500
485
Industrials
(0.3%):
CK
Hutchison
Holdings
Ltd.
...............................................
103,500
556
Real
Estate
(0.3%):
Sino
Land
Co.
Ltd.
......................................................
490,000
533
Utilities
(0.3%):
Kunlun
Energy
Co.
Ltd.
..................................................
702,000
633
2,207
India
(5.0%):
Consumer
Discretionary
(0.5%):
Tata
Motors
Ltd.
.......................................................
98,107
919
Consumer
Staples
(0.5%):
Varun
Beverages
Ltd.
....................................................
68,500
1,018
Energy
(0.6%):
Reliance
Industries
Ltd.
..................................................
40,418
1,254
Financials
(1.3%):
ICICI
Bank
Ltd.
........................................................
79,995
956
Power
Finance
Corp.
Ltd.
.................................................
390,172
1,793
2,749
Information
Technology
(0.7%):
HCL
Technologies
Ltd.
...................................................
41,444
729
Tata
Consultancy
Services
Ltd.
.............................................
15,608
711
1,440
Materials
(0.8%):
Jindal
Stainless
Ltd.
.....................................................
149,205
1,025
Tata
Chemicals
Ltd.
.....................................................
50,778
674
1,699
Utilities
(0.6%):
Power
Grid
Corp.
of
India
Ltd.
.............................................
395,257
1,126
10,205
Indonesia
(0.3%):
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
44
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Communication
Services
(0.3%):
PT
Indosat
Tbk
........................................................
1,177,400
$
717
Ireland
(2.6%):
Consumer
Discretionary
(0.8%):
PDD
Holdings,
Inc.
,
ADR
(a)
...............................................
10,907
1,596
Financials
(0.3%):
Bank
of
Ireland
Group
PLC
...............................................
72,400
657
Health
Care
(0.6%):
ICON
PLC
(a)
.........................................................
3,828
1,083
Industrials
(0.5%):
AerCap
Holdings
NV
(a)
..................................................
14,193
1,055
Materials
(0.4%):
James
Hardie
Industries
PLC
(a)
............................................
22,700
875
5,266
Israel
(0.6%):
Financials
(0.2%):
Bank
Leumi
Le-Israel
BM
................................................
60,695
490
Information
Technology
(0.4%):
Nice
Ltd.
(a)
...........................................................
3,500
699
1,189
Italy
(1.5%):
Health
Care
(0.4%):
Recordati
Industria
Chimica
e
Farmaceutica
SpA
................................
14,504
782
Industrials
(0.4%):
Leonardo
SpA
.........................................................
53,148
878
Utilities
(0.7%):
Enel
SpA
.............................................................
118,471
881
Iren
SpA
.............................................................
213,140
465
1,346
3,006
Japan
(14.0%):
Communication
Services
(0.6%):
Nippon
Telegraph
&
Telephone
Corp.
........................................
938,000
1,146
Consumer
Discretionary
(2.5%):
Honda
Motor
Co.
Ltd.
...................................................
101,700
1,049
Isuzu
Motors
Ltd.
.......................................................
87,700
1,124
Panasonic
Holdings
Corp.
.................................................
61,600
607
Sega
Sammy
Holdings,
Inc.
...............................................
33,200
464
Suzuki
Motor
Corp.
.....................................................
23,800
1,014
Toyota
Motor
Corp.
.....................................................
46,100
845
5,103
Consumer
Staples
(0.8%):
Asahi
Group
Holdings
Ltd.
................................................
26,100
972
Lawson,
Inc.
..........................................................
13,400
692
1,664
Financials
(2.1%):
Mizuho
Financial
Group,
Inc.
..............................................
64,810
1,106
ORIX
Corp.
...........................................................
40,000
751
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
45
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Sumitomo
Mitsui
Financial
Group,
Inc.
.......................................
34,325
$
1,670
Tokio
Marine
Holdings,
Inc.
...............................................
32,800
817
4,344
Health
Care
(0.8%):
Otsuka
Holdings
Co.
Ltd.
.................................................
22,300
834
Shionogi
&
Co.
Ltd.
.....................................................
18,100
871
1,705
Industrials
(3.3%):
Central
Japan
Railway
Co.
................................................
30,900
785
Fuji
Electric
Co.
Ltd.
....................................................
18,600
798
ITOCHU
Corp.
........................................................
44,700
1,821
Komatsu
Ltd.
..........................................................
42,200
1,098
Mitsubishi
Heavy
Industries
Ltd.
............................................
15,400
897
Mitsui
&
Co.
Ltd.
.......................................................
37,800
1,416
6,815
Information
Technology
(2.2%):
Advantest
Corp.
........................................................
21,800
735
Canon,
Inc.
...........................................................
24,800
636
Disco
Corp.
...........................................................
4,100
1,013
NEC
Corp.
...........................................................
19,500
1,152
TDK
Corp.
...........................................................
22,400
1,062
4,598
Materials
(1.3%):
Nippon
Steel
Corp.
......................................................
41,400
946
Shin-Etsu
Chemical
Co.
Ltd.
...............................................
22,100
925
Tosoh
Corp.
...........................................................
58,700
748
2,619
Real
Estate
(0.4%):
Daiwa
House
Industry
Co.
Ltd.
.............................................
26,500
801
28,795
Luxembourg
(0.3%):
Energy
(0.3%):
Tenaris
SA
............................................................
40,641
707
Malaysia
(0.3%):
Industrials
(0.3%):
Gamuda
Bhd
..........................................................
698,800
699
Mexico
(1.4%):
Consumer
Staples
(0.6%):
Arca
Continental
SAB
de
CV
..............................................
106,611
1,164
Energy
(0.4%):
Vista
Energy
SAB
de
CV
,
ADR
(a)
...........................................
27,995
826
Financials
(0.4%):
Gentera
SAB
de
CV
.....................................................
665,741
925
2,915
Netherlands
(2.9%):
Communication
Services
(0.3%):
Koninklijke
KPN
NV
....................................................
177,353
611
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
46
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Consumer
Discretionary
(1.2%):
Stellantis
NV
..........................................................
103,269
$
2,419
Consumer
Staples
(0.6%):
Koninklijke
Ahold
Delhaize
NV
............................................
44,202
1,272
Financials
(0.8%):
ING
Groep
NV
........................................................
62,478
937
NN
Group
NV
.........................................................
15,978
631
1,568
5,870
Norway
(0.8%):
Consumer
Staples
(0.4%):
Mowi
ASA
...........................................................
45,759
820
Energy
(0.4%):
Equinor
ASA
..........................................................
23,534
746
1,566
Portugal
(0.4%):
Energy
(0.4%):
Galp
Energia
SGPS
SA
...................................................
52,762
776
Qatar
(0.3%):
Communication
Services
(0.3%):
Ooredoo
QPSC
........................................................
210,673
631
Russian
Federation
(0.0%):(c)
Energy
(0.0%):(c)
LUKOIL
PJSC
,
ADR
(a)
(d)
(e)
..............................................
8,489
1
Financials
(0.0%):
Sberbank
of
Russia
PJSC
(a)
(d)
(e)
...........................................
220,230
—
1
Saudi
Arabia
(0.4%):
Financials
(0.4%):
Saudi
Awwal
Bank
......................................................
89,199
894
Singapore
(1.3%):
Consumer
Discretionary
(0.3%):
Genting
Singapore
Ltd.
...................................................
897,700
680
Financials
(0.4%):
DBS
Group
Holdings
Ltd.
.................................................
35,800
906
Utilities
(0.6%):
Sembcorp
Industries
Ltd.
.................................................
296,200
1,191
2,777
South
Africa
(1.1%):
Energy
(0.2%):
Exxaro
Resources
Ltd.
...................................................
39,448
443
Financials
(0.6%):
Absa
Group
Ltd.
.......................................................
56,206
502
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
47
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Investec
PLC
..........................................................
97,641
$
660
1,162
Health
Care
(0.3%):
Aspen
Pharmacare
Holdings
Ltd.
............................................
54,453
608
2,213
South
Korea
(3.6%):
Communication
Services
(0.3%):
JYP
Entertainment
Corp.
.................................................
8,070
632
Consumer
Discretionary
(0.5%):
Kia
Corp.
............................................................
12,340
954
Financials
(0.7%):
DB
Insurance
Co.
Ltd.
...................................................
12,684
822
Hana
Financial
Group,
Inc.
................................................
19,789
664
1,486
Industrials
(0.4%):
Samsung
Engineering
Co.
Ltd.
(a)
...........................................
35,017
785
Information
Technology
(1.7%):
Samsung
Electronics
Co.
Ltd.
..............................................
44,053
2,674
SK
Hynix,
Inc.
.........................................................
8,300
906
3,580
7,437
Spain
(2.3%):
Consumer
Discretionary
(0.7%):
Industria
de
Diseno
Textil
SA
..............................................
33,171
1,447
Energy
(0.3%):
Repsol
SA
............................................................
43,658
648
Financials
(0.8%):
Banco
Santander
SA
.....................................................
278,988
1,167
Bankinter
SA
..........................................................
92,093
590
1,757
Utilities
(0.5%):
Iberdrola
SA
..........................................................
74,842
982
4,834
Sweden
(1.3%):
Consumer
Discretionary
(0.4%):
Evolution
AB
(b)
.......................................................
7,134
850
Financials
(0.4%):
Swedbank
AB
,
A
Shares
..................................................
39,377
796
Industrials
(0.5%):
Volvo
AB
,
Class
B
......................................................
40,173
1,046
2,692
Switzerland
(6.6%):
Consumer
Staples
(1.2%):
Coca-Cola
HBC
AG
.....................................................
31,919
937
Nestle
SA
,
Registered
Shares
..............................................
13,210
1,532
2,469
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
48
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Financials
(1.4%):
Swiss
Life
Holding
AG
...................................................
1,353
$
941
UBS
Group
AG
........................................................
33,026
1,026
Zurich
Insurance
Group
AG
...............................................
1,502
785
2,752
Health
Care
(2.0%):
Novartis
AG
,
Registered
Shares
.............................................
34,173
3,453
Sandoz
Group
AG
(a)
....................................................
22,787
733
4,186
Industrials
(0.4%):
ABB
Ltd.
,
Registered
Shares
...............................................
19,488
866
Information
Technology
(0.4%):
Logitech
International
SA
,
Class
R
..........................................
7,494
713
Materials
(1.2%):
Glencore
PLC
.........................................................
121,576
731
Holcim
AG
...........................................................
22,396
1,759
2,490
13,476
Taiwan
(3.5%):
Health
Care
(0.3%):
Lotus
Pharmaceutical
Co.
Ltd.
.............................................
73,000
647
Information
Technology
(3.2%):
Accton
Technology
Corp.
.................................................
53,000
901
Elite
Material
Co.
Ltd.
...................................................
49,000
609
Novatek
Microelectronics
Corp.
............................................
60,000
1,009
Quanta
Computer,
Inc.
...................................................
99,000
721
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.................................
168,000
3,221
6,461
7,108
Thailand
(0.4%):
Health
Care
(0.4%):
Bumrungrad
Hospital
PCL
................................................
136,300
886
United
Arab
Emirates
(0.6%):
Real
Estate
(0.6%):
Emaar
Development
PJSC
................................................
591,519
1,152
United
Kingdom
(9.9%):
Communication
Services
(0.4%):
Informa
PLC
..........................................................
86,999
865
Consumer
Discretionary
(1.1%):
JD
Sports
Fashion
PLC
...................................................
633,427
1,337
Pearson
PLC
..........................................................
70,058
860
2,197
Consumer
Staples
(2.4%):
Associated
British
Foods
PLC
..............................................
35,802
1,079
Coca-Cola
Europacific
Partners
PLC
.........................................
13,865
925
Marks
&
Spencer
Group
PLC
..............................................
256,818
890
Reckitt
Benckiser
Group
PLC
..............................................
14,139
975
Tesco
PLC
............................................................
310,666
1,151
5,020
Victory
Portfolios
Victory
Trivalent
International
Fund
—
Core
Equity
49
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Name
Acquisition
Date
Cost
LUKOIL
PJSC
,
ADR
.........................................
8/21/2019
$
729
Sberbank
of
Russia
PJSC
......................................
12/9/2016
752
Security
Description
Shares
Value
(000)
Energy
(0.7%):
BP
PLC
..............................................................
155,240
$
920
Harbour
Energy
PLC
....................................................
128,585
505
1,425
Financials
(2.2%):
3i
Group
PLC
.........................................................
84,845
2,611
Legal
&
General
Group
PLC
...............................................
181,028
578
Standard
Chartered
PLC
..................................................
164,168
1,393
4,582
Health
Care
(1.3%):
AstraZeneca
PLC
.......................................................
19,743
2,663
Industrials
(0.8%):
BAE
Systems
PLC
......................................................
64,891
919
RELX
PLC
...........................................................
16,720
663
1,582
Information
Technology
(0.4%):
The
Sage
Group
PLC
....................................................
61,500
918
Real
Estate
(0.3%):
Safestore
Holdings
PLC
..................................................
55,768
628
Utilities
(0.3%):
Drax
Group
PLC
.......................................................
83,610
522
20,402
Total
Common
Stocks
(Cost
$173,415)
200,799
Exchange-Traded
Funds
(1.4%)
United
States
(1.4%):
iShares
Core
MSCI
EAFE
ETF
.............................................
29,915
2,105
iShares
Core
MSCI
Emerging
Markets
ETF
....................................
15,972
808
2,913
Total
Exchange-Traded
Funds
(Cost
$2,822)
2,913
Total
Investments
(Cost
$176,237)
—
99.2%
203,712
Other
assets
in
excess
of
liabilities
—
0.8%
1,740
NET
ASSETS
-
100.00%
$
205,452
(a)
Non-income
producing
security.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
December
31,
2023,
the
fair
value
of
these
securities
was
$1,767
(thousands)
and
amounted
to
0.9%
of
net
assets.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Security
was
fair
valued
based
upon
procedures
approved
by
the
Board
of
Trustees
and
represents
less
than
0.05%
of
net
assets
as
of
December
31,
2023.
This
security
is
classified
as
Level
3
within
the
fair
value
hierarchy.
(See
Note
2
in
the
Notes
to
Financial
Statements)
(e)
The
following
table
details
the
earliest
acquisition
date
and
cost
of
the
Fund's
restricted
securities
due
to
trading
restrictions
at
December
31,
2023
(amounts
in
thousands):
ADR
—
American
Depositary
Receipt
ETF
—
Exchange-Traded
Fund
PCL
—
Public
Company
Limited
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
Victory
Trivalent
International
Small-Cap
Fund
50
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Common
Stocks
(99.0%)
Australia
(5.5%):
Consumer
Discretionary
(0.9%):
JB
Hi-Fi
Ltd.
..........................................................
421,411
$
15,226
Super
Retail
Group
Ltd.
..................................................
1,567,555
16,842
32,068
Consumer
Staples
(0.3%):
GrainCorp
Ltd.
,
Class
A
..................................................
1,792,121
8,909
Energy
(0.3%):
Beach
Energy
Ltd.
......................................................
9,951,382
10,862
Industrials
(1.3%):
ALS
Ltd.
.............................................................
1,208,423
10,582
Seven
Group
Holdings
Ltd.
................................................
880,656
22,163
Ventia
Services
Group
Pty
Ltd.
.............................................
5,669,415
12,131
44,876
Information
Technology
(0.6%):
Technology
One
Ltd.
....................................................
1,790,254
18,735
Materials
(1.5%):
Allkem
Ltd.
(a)
.........................................................
1,641,521
12,266
Champion
Iron
Ltd.
.....................................................
2,320,780
13,297
CSR
Ltd.
.............................................................
2,685,222
12,079
OceanaGold
Corp.
......................................................
7,806,180
14,965
52,607
Real
Estate
(0.3%):
Charter
Hall
Group
......................................................
1,324,270
10,848
Utilities
(0.3%):
AGL
Energy
Ltd.
.......................................................
1,644,647
10,629
189,534
Bermuda
(0.4%):
Energy
(0.4%):
Seadrill
Ltd.
(a)
.........................................................
275,948
12,995
Canada
(9.6%):
Communication
Services
(0.3%):
IMAX
Corp.
(a)
........................................................
545,566
8,194
Energy
(1.8%):
Headwater
Exploration,
Inc.
...............................................
3,575,922
16,869
NuVista
Energy
Ltd.
(a)
...................................................
1,648,869
13,740
Parex
Resources,
Inc.
....................................................
874,130
16,461
Whitecap
Resources,
Inc.
.................................................
2,251,866
15,076
62,146
Financials
(0.4%):
EQB,
Inc.
............................................................
203,874
13,423
Health
Care
(0.0%):(b)
Tilray
Brands,
Inc.
,
Class
2
(a)
..............................................
2
—
(c)
Industrials
(2.0%):
ATS
Corp.
(a)
..........................................................
349,961
15,085
Bombardier,
Inc.
,
Class
B
(a)
(d)
.............................................
276,089
11,088
Element
Fleet
Management
Corp.
...........................................
1,007,405
16,393
Victory
Portfolios
Victory
Trivalent
International
Small-Cap
Fund
51
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Finning
International,
Inc.
.................................................
901,422
$
26,072
68,638
Information
Technology
(1.5%):
Celestica,
Inc.
(a)
.......................................................
1,355,082
39,694
Kinaxis,
Inc.
(a)
........................................................
88,651
9,951
49,645
Materials
(2.1%):
Agnico
Eagle
Mines
Ltd.
.................................................
1
—
(c)
Alamos
Gold,
Inc.
......................................................
1,699,006
22,852
Dundee
Precious
Metals,
Inc.
..............................................
2,477,333
15,856
Lundin
Mining
Corp.
....................................................
1,243,712
10,176
Stella-Jones,
Inc.
.......................................................
400,258
23,298
72,182
Real
Estate
(1.0%):
Boardwalk
Real
Estate
Investment
Trust
......................................
437,595
23,562
Tricon
Residential,
Inc.
...................................................
1,281,158
11,662
35,224
Utilities
(0.5%):
Superior
Plus
Corp.
.....................................................
1,290,314
9,379
TransAlta
Corp.
........................................................
1,019,153
8,477
17,856
327,308
Denmark
(2.3%):
Consumer
Discretionary
(0.6%):
Pandora
A/S
..........................................................
150,795
20,852
Financials
(0.5%):
Jyske
Bank
A/S
,
Registered
Shares
..........................................
256,916
18,426
Health
Care
(0.5%):
Bavarian
Nordic
A/S
(a)
(d)
................................................
582,574
15,315
Industrials
(0.7%):
ISS
A/S
..............................................................
578,583
11,052
ROCKWOOL
A/S
,
Class
B
................................................
46,729
13,674
24,726
79,319
Finland
(0.8%):
Industrials
(0.5%):
Konecranes
Oyj
........................................................
420,265
18,957
Information
Technology
(0.3%):
TietoEVRY
Oyj
........................................................
400,197
9,532
28,489
France
(8.7%):
Consumer
Discretionary
(1.4%):
Accor
SA
............................................................
550,890
21,083
La
Francaise
des
Jeux
SAEM
(e)
............................................
274,657
9,976
Renault
SA
...........................................................
417,572
17,076
48,135
Energy
(1.0%):
Technip
Energies
NV
....................................................
697,824
16,287
Victory
Portfolios
Victory
Trivalent
International
Small-Cap
Fund
52
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Vallourec
SA
(a)
........................................................
1,188,886
$
18,464
34,751
Health
Care
(0.8%):
Ipsen
SA
.............................................................
121,089
14,443
Virbac
SA
............................................................
31,582
12,583
27,026
Industrials
(2.7%):
Eiffage
SA
............................................................
231,751
24,875
Elis
SA
..............................................................
1,032,050
21,568
Rexel
SA
.............................................................
931,171
25,554
SPIE
SA
.............................................................
682,193
21,351
93,348
Information
Technology
(0.8%):
Sopra
Steria
Group
......................................................
124,856
27,342
Materials
(1.3%):
Arkema
SA
...........................................................
271,582
30,934
Verallia
SA
(e)
.........................................................
289,157
11,139
42,073
Real
Estate
(0.7%):
Klepierre
SA
..........................................................
899,829
24,563
297,238
Germany
(7.2%):
Communication
Services
(1.4%):
CTS
Eventim
AG
&
Co.
KGaA
.............................................
243,416
16,834
Freenet
AG
...........................................................
656,463
18,371
Scout24
SE
(e)
.........................................................
205,895
14,557
49,762
Consumer
Discretionary
(0.6%):
HUGO
BOSS
AG
......................................................
265,815
19,801
Health
Care
(0.5%):
Gerresheimer
AG
.......................................................
160,747
16,721
Industrials
(1.2%):
GEA
Group
AG
........................................................
434,918
18,079
KION
Group
AG
.......................................................
247,767
10,573
Rheinmetall
AG
........................................................
36,401
11,543
40,195
Information
Technology
(2.0%):
AIXTRON
SE
.........................................................
693,263
29,513
Bechtle
AG
...........................................................
381,480
19,105
SMA
Solar
Technology
AG
(a)
(d)
............................................
128,176
8,585
TeamViewer
SE
(a)
(e)
....................................................
645,700
10,028
67,231
Materials
(0.4%):
Aurubis
AG
...........................................................
170,507
13,950
Real
Estate
(0.7%):
TAG
Immobilien
AG
(a)
..................................................
1,694,244
24,629
Utilities
(0.4%):
Encavis
AG
(a)
(d)
.......................................................
710,743
12,224
244,513
Victory
Portfolios
Victory
Trivalent
International
Small-Cap
Fund
53
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Hong
Kong
(0.9%):
Consumer
Discretionary
(0.3%):
MGM
China
Holdings
Ltd.
(a)
..............................................
7,246,800
$
9,192
Health
Care
(0.4%):
The
United
Laboratories
International
Holdings
Ltd.
..............................
14,036,000
12,609
Real
Estate
(0.2%):
Kerry
Properties
Ltd.
....................................................
4,432,500
8,109
29,910
Ireland
(2.2%):
Consumer
Discretionary
(0.4%):
Dalata
Hotel
Group
PLC
..................................................
2,956,753
15,073
Consumer
Staples
(0.6%):
Glanbia
PLC
..........................................................
1,205,121
19,867
Financials
(0.9%):
Bank
of
Ireland
Group
PLC
...............................................
3,228,576
29,306
Industrials
(0.3%):
DCC
PLC
............................................................
145,319
10,691
74,937
Isle
of
Man
(0.3%):
Consumer
Discretionary
(0.3%):
Playtech
PLC
(a)
........................................................
1,698,040
9,720
Israel
(0.7%):
Communication
Services
(0.7%):
Perion
Network
Ltd.
(a)
(d)
.................................................
814,576
25,146
Italy
(3.1%):
Consumer
Discretionary
(0.3%):
Brunello
Cucinelli
SpA
...................................................
118,571
11,603
Energy
(0.4%):
Saras
SpA
............................................................
7,279,936
12,993
Financials
(0.7%):
Banco
BPM
SpA
.......................................................
4,322,690
22,903
Industrials
(0.4%):
Leonardo
SpA
.........................................................
925,450
15,289
Materials
(0.6%):
Buzzi
SpA
............................................................
686,533
20,878
Utilities
(0.7%):
ERG
SpA
............................................................
320,726
10,230
Iren
SpA
.............................................................
5,725,518
12,497
22,727
106,393
Japan
(23.2%):
Communication
Services
(0.8%):
Internet
Initiative
Japan,
Inc.
...............................................
1,422,400
29,025
Victory
Portfolios
Victory
Trivalent
International
Small-Cap
Fund
54
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Consumer
Discretionary
(4.5%):
Adastria
Co.
Ltd.
.......................................................
525,200
$
12,923
Asics
Corp.
...........................................................
407,700
12,729
Goldwin,
Inc.
..........................................................
130,600
9,365
J
Front
Retailing
Co.
Ltd.
.................................................
1,478,700
13,431
Resorttrust,
Inc.
........................................................
625,200
10,827
Round
One
Corp.
.......................................................
3,059,100
12,068
Sankyo
Co.
Ltd.
........................................................
352,500
20,529
Shimamura
Co.
Ltd.
.....................................................
147,800
16,506
Sumitomo
Forestry
Co.
Ltd.
(d)
.............................................
524,600
15,589
Toyo
Tire
Corp.
........................................................
1,020,800
17,031
Toyoda
Gosei
Co.
Ltd.
...................................................
727,200
13,601
154,599
Consumer
Staples
(1.3%):
Morinaga
Milk
Industry
Co.
Ltd.
............................................
563,400
10,908
Nissui
Corp.
..........................................................
3,137,600
16,876
Toyo
Suisan
Kaisha
Ltd.
..................................................
351,000
18,113
45,897
Financials
(1.9%):
Credit
Saison
Co.
Ltd.
...................................................
1,006,400
18,495
Fuyo
General
Lease
Co.
Ltd.
...............................................
152,400
13,203
Mebuki
Financial
Group,
Inc.
..............................................
5,377,400
16,319
Yamaguchi
Financial
Group,
Inc.
............................................
1,832,100
16,374
64,391
Health
Care
(1.4%):
Jeol
Ltd.
.............................................................
418,100
18,281
Nakanishi,
Inc.
.........................................................
749,400
12,576
Santen
Pharmaceutical
Co.
Ltd.
.............................................
1,812,000
18,030
48,887
Industrials
(5.5%):
Amada
Co.
Ltd.
........................................................
1,187,400
12,345
BayCurrent
Consulting,
Inc.
...............................................
354,400
12,408
Daihen
Corp.
..........................................................
377,200
17,215
DMG
Mori
Co.
Ltd.
(d)
...................................................
556,400
10,620
Ebara
Corp.
...........................................................
307,900
18,156
Fujikura
Ltd.
..........................................................
2,050,400
15,717
Hitachi
Zosen
Corp.
.....................................................
1,352,900
8,967
INFRONEER
Holdings,
Inc.
...............................................
1,682,300
16,719
JGC
Holdings
Corp.
.....................................................
772,800
8,895
Park24
Co.
Ltd.
(a)
......................................................
1,253,600
16,026
Sankyu,
Inc.
..........................................................
338,500
12,409
Sanwa
Holdings
Corp.
...................................................
1,303,300
19,706
Takeuchi
Manufacturing
Co.
Ltd.
...........................................
571,900
17,317
186,500
Information
Technology
(3.2%):
Alps
Alpine
Co.
Ltd.
....................................................
1,256,100
10,920
BIPROGY,
Inc.
........................................................
442,000
13,819
Citizen
Watch
Co.
Ltd.
...................................................
1,974,900
11,747
Fuji
Soft,
Inc.
..........................................................
438,800
18,356
Horiba
Ltd.
...........................................................
178,000
13,884
Nichicon
Corp.
........................................................
1,196,500
10,984
Socionext,
Inc.
.........................................................
473,500
8,563
Tokyo
Seimitsu
Co.
Ltd.
..................................................
334,400
20,511
108,784
Materials
(2.9%):
Daicel
Corp.
..........................................................
2,034,200
19,670
Daido
Steel
Co.
Ltd.
.....................................................
2,585,500
27,431
Kaneka
Corp.
..........................................................
387,800
9,831
Victory
Portfolios
Victory
Trivalent
International
Small-Cap
Fund
55
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Rengo
Co.
Ltd.
........................................................
2,663,700
$
17,733
Sumitomo
Bakelite
Co.
Ltd.
...............................................
249,500
13,062
Tokai
Carbon
Co.
Ltd.
(d)
.................................................
1,375,000
9,974
97,701
Real
Estate
(1.7%):
Invincible
Investment
Corp.
...............................................
29,656
12,820
KDX
Realty
Investment
Corp.
..............................................
7,412
8,444
Nippon
Accommodations
Fund,
Inc.
.........................................
2,293
9,816
Tokyo
Tatemono
Co.
Ltd.
.................................................
1,004,000
14,994
Tokyu
Fudosan
Holdings
Corp.
.............................................
1,633,000
10,408
56,482
792,266
Netherlands
(3.2%):
Financials
(1.1%):
ASR
Nederland
NV
.....................................................
514,962
24,323
Euronext
NV
(e)
........................................................
167,477
14,553
38,876
Health
Care
(0.3%):
Pharming
Group
NV
(a)
(d)
................................................
9,133,199
10,415
Industrials
(0.6%):
Fugro
NV
(a)
..........................................................
1,108,788
21,257
Information
Technology
(0.8%):
BE
Semiconductor
Industries
NV
...........................................
176,582
26,656
Materials
(0.4%):
OCI
NV
.............................................................
437,818
12,687
109,891
Singapore
(0.9%):
Real
Estate
(0.3%):
Frasers
Logistics
&
Commercial
Trust
........................................
11,158,100
9,717
Utilities
(0.6%):
Sembcorp
Industries
Ltd.
.................................................
5,410,200
21,752
31,469
South
Korea
(4.1%):
Communication
Services
(0.4%):
JYP
Entertainment
Corp.
.................................................
167,489
13,119
Consumer
Discretionary
(0.3%):
Youngone
Corp.
........................................................
295,413
10,428
Consumer
Staples
(0.2%):
NongShim
Co.
Ltd.
.....................................................
27,549
8,693
Health
Care
(1.4%):
Classys,
Inc.
..........................................................
557,702
16,274
Dentium
Co.
Ltd.
.......................................................
153,279
15,550
Hanmi
Pharm
Co.
Ltd.
...................................................
56,122
15,314
47,138
Industrials
(0.8%):
HD
Hyundai
Electric
Co.
Ltd.
..............................................
162,366
10,321
Samsung
Engineering
Co.
Ltd.
(a)
...........................................
765,098
17,142
27,463
Victory
Portfolios
Victory
Trivalent
International
Small-Cap
Fund
56
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Information
Technology
(0.7%):
LEENO
Industrial,
Inc.
...................................................
67,142
$
10,509
SOLUM
Co.
Ltd.
(a)
.....................................................
616,896
13,054
23,563
Materials
(0.3%):
LOTTE
Fine
Chemical
Co.
Ltd.
............................................
252,427
11,335
141,739
Spain
(3.1%):
Financials
(0.7%):
Bankinter
SA
..........................................................
3,563,328
22,851
Health
Care
(0.5%):
Laboratorios
Farmaceuticos
Rovi
SA
.........................................
252,018
16,773
Industrials
(0.4%):
Cia
de
Distribucion
Integral
Logista
Holdings
SA
................................
528,313
14,286
Information
Technology
(0.3%):
Indra
Sistemas
SA
......................................................
792,652
12,275
Materials
(0.5%):
Acerinox
SA
..........................................................
1,461,773
17,225
Real
Estate
(0.7%):
Merlin
Properties
Socimi
SA
...............................................
2,113,002
23,458
106,868
Sweden
(1.9%):
Financials
(0.4%):
Avanza
Bank
Holding
AB
(d)
...............................................
559,416
13,000
Industrials
(1.1%):
Loomis
AB
...........................................................
351,539
9,362
Storskogen
Group
AB
,
Class
B
.............................................
10,379,555
9,551
Trelleborg
AB
,
Class
B
...................................................
592,827
19,905
38,818
Real
Estate
(0.4%):
Wihlborgs
Fastigheter
AB
.................................................
1,554,674
14,551
66,369
Switzerland
(6.8%):
Consumer
Staples
(0.7%):
Coca-Cola
HBC
AG
.....................................................
755,831
22,189
Financials
(1.3%):
Baloise
Holding
AG
,
Registered
Shares
.......................................
71,476
11,210
Julius
Baer
Group
Ltd.
...................................................
188,864
10,598
Swissquote
Group
Holding
SA
,
Registered
Shares
...............................
96,487
23,539
45,347
Health
Care
(1.4%):
Galenica
AG
(e)
........................................................
257,657
22,295
Siegfried
Holding
AG
,
Registered
Shares
......................................
22,823
23,353
45,648
Industrials
(2.0%):
Accelleron
Industries
AG
.................................................
381,500
11,935
Adecco
Group
AG
......................................................
265,628
13,050
Bucher
Industries
AG
,
Registered
Shares
......................................
25,730
10,819
Victory
Portfolios
Victory
Trivalent
International
Small-Cap
Fund
57
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Flughafen
Zurich
AG
....................................................
68,565
$
14,331
Sulzer
AG
,
Registered
Shares
..............................................
189,793
19,404
69,539
Information
Technology
(0.6%):
Logitech
International
SA
,
Class
R
..........................................
83,737
7,965
Temenos
AG
,
Registered
Shares
............................................
137,131
12,783
20,748
Real
Estate
(0.8%):
PSP
Swiss
Property
AG
,
Registered
Shares
.....................................
199,817
27,944
231,415
United
Kingdom
(13.7%):
Communication
Services
(0.9%):
4imprint
Group
PLC
.....................................................
271,415
15,784
Moneysupermarket.com
Group
PLC
.........................................
4,304,761
15,337
31,121
Consumer
Discretionary
(1.8%):
Berkeley
Group
Holdings
PLC
.............................................
197,920
11,814
Dowlais
Group
PLC
.....................................................
7,353,002
9,991
Dunelm
Group
PLC
.....................................................
658,719
9,190
Inchcape
PLC
.........................................................
1,777,197
16,178
Taylor
Wimpey
PLC
.....................................................
7,563,618
14,156
61,329
Consumer
Staples
(1.0%):
Marks
&
Spencer
Group
PLC
..............................................
6,958,372
24,110
Tate
&
Lyle
PLC
.......................................................
1,213,110
10,175
34,285
Energy
(0.3%):
Harbour
Energy
PLC
....................................................
2,674,513
10,506
Financials
(2.3%):
Beazley
PLC
..........................................................
2,047,358
13,603
IG
Group
Holdings
PLC
..................................................
1,801,059
17,550
Man
Group
PLC
.......................................................
5,617,191
16,641
OSB
Group
PLC
.......................................................
3,147,185
18,581
Virgin
Money
UK
PLC
...................................................
5,340,402
11,156
77,531
Health
Care
(1.3%):
ConvaTec
Group
PLC
(e)
.................................................
4,596,167
14,300
CVS
Group
PLC
.......................................................
612,014
13,123
Hikma
Pharmaceuticals
PLC
...............................................
682,275
15,544
42,967
Industrials
(2.7%):
Balfour
Beatty
PLC
.....................................................
3,458,224
14,564
easyJet
PLC
(a)
.........................................................
1,804,528
11,704
IMI
PLC
.............................................................
605,961
12,982
JET2
PLC
............................................................
755,996
12,040
QinetiQ
Group
PLC
.....................................................
2,699,531
10,625
Serco
Group
PLC
.......................................................
8,833,714
18,198
The
Weir
Group
PLC
....................................................
499,028
11,989
92,102
Information
Technology
(1.1%):
Computacenter
PLC
.....................................................
689,518
24,499
Spectris
PLC
..........................................................
298,188
14,340
38,839
Victory
Portfolios
Victory
Trivalent
International
Small-Cap
Fund
58
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Materials
(0.5%):
Endeavour
Mining
PLC
..................................................
743,314
$
16,702
Real
Estate
(1.5%):
LondonMetric
Property
PLC
...............................................
5,076,089
12,361
Safestore
Holdings
PLC
..................................................
1,571,569
17,696
The
British
Land
Co.
PLC
................................................
2,076,307
10,553
Tritax
Big
Box
REIT
PLC
.................................................
5,710,564
12,252
52,862
Utilities
(0.3%):
Drax
Group
PLC
.......................................................
1,466,313
9,161
467,405
United
States
(0.4%):
Consumer
Discretionary
(0.4%):
International
Game
Technology
PLC
.........................................
535,929
14,690
Total
Common
Stocks
(Cost
$2,800,477)
3,387,614
Collateral
for
Securities
Loaned
(0.7%)^
United
States
(0.7%):
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.25
%
(f)
........
5,908,491
5,910
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.30
%
(f)
............
5,908,491
5,908
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.28
%
(f)
................
5,908,491
5,908
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.26
%
(f)
.
5,908,491
5,908
Total
Collateral
for
Securities
Loaned
(Cost
$23,634)
23,634
Total
Investments
(Cost
$2,824,111)
—
99.7%
3,411,248
Other
assets
in
excess
of
liabilities
—
0.3%
9,567
NET
ASSETS
-
100.00%
$
3,420,815
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Amount
represents
less
than
0.05%
of
net
assets.
(c)
Rounds
to
less
than
$1
thousand.
(d)
All
or
a
portion
of
this
security
is
on
loan.
(e)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
December
31,
2023,
the
fair
value
of
these
securities
was
$96,848
(thousands)
and
amounted
to
2.8%
of
net
assets.
(f)
Rate
disclosed
is
the
daily
yield
on
December
31,
2023.
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
Victory
Total
Return
Bond
Fund
59
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Principal
Amount
(000)
Value
(000)
Asset-Backed
Securities
(5.9%)
ABS
Auto
(4.9%):
Drive
Auto
Receivables
Trust
..............................................
Series
2021-1
,
Class
C
,
1
.02
%
,
6/15/27
,
Callable
3/15/25
@
100
.................
$
54
$
54
Series
2021-2
,
Class
D
,
1
.39
%
,
3/15/29
,
Callable
7/15/25
@
100
.................
250
235
Ent
Auto
Receivables
Trust
,
Series
2023-1A
,
Class
A4
,
6
.26
%
,
11/15/29
,
Callable
6/15/28
@
100
(a)
...........................................................
50
51
Enterprise
Fleet
Financing
LLC
,
Series
2023-3
,
Class
A3
,
6
.41
%
,
6/20/30
,
Callable
9/20/27
@
100
(a)
...........................................................
50
52
Ford
Credit
Auto
Owner
Trust
,
Series
2020-1
,
Class
C
,
2
.54
%
,
8/15/31
,
Callable
2/15/25
@
100
(a)
...........................................................
100
96
Foursight
Capital
Automobile
Receivables
Trust
,
Series
2023-1
,
Class
A3
,
5
.39
%
,
12/15/27
,
Callable
7/15/26
@
100
(a)
............................................
540
538
GM
Financial
Consumer
Automobile
Receivables
Trust
,
Series
2021-2
,
Class
C
,
1
.28
%
,
1/19/27
,
Callable
5/16/25
@
100
........................................
245
231
JPMorgan
Chase
Bank
NA
,
Series
2021-2
,
Class
C
,
0
.97
%
,
12/26/28
,
Callable
10/25/25
@
100
(a)
...........................................................
39
38
LAD
Auto
Receivables
Trust
,
Series
2023-4A
,
Class
B
,
6
.39
%
,
10/16/28
,
Callable
6/15/26
@
100
(a)
...........................................................
50
51
Santander
Drive
Auto
Receivables
Trust
.......................................
Series
2021-3
,
Class
C
,
0
.95
%
,
9/15/27
,
Callable
7/15/25
@
100
.................
92
91
Series
2021-4
,
Class
C
,
1
.26
%
,
2/16/27
,
Callable
11/15/25
@
100
................
282
276
Series
2022-2
,
Class
B
,
3
.44
%
,
9/15/27
,
Callable
1/15/26
@
100
.................
275
270
Series
2023-1
,
Class
B
,
4
.98
%
,
2/15/28
,
Callable
5/15/26
@
100
.................
195
193
Santander
Retail
Auto
Lease
Trust
,
Series
2021-A
,
Class
C
,
1
.14
%
,
3/20/26
,
Callable
4/20/24
@
100
(a)
.........................................................
674
669
Tesla
Auto
Lease
Trust
...................................................
Series
2023-A
,
Class
B
,
6
.41
%
,
7/20/27
,
Callable
9/20/25
@
100
(a)
...............
100
101
Series
2023-B
,
Class
A4
,
6
.22
%
,
3/22/27
,
Callable
1/20/26
@
100
(a)
..............
89
91
U.S.
Bank
NA
,
Series
2023-1
,
Class
B
,
6
.79
%
,
8/25/32
,
Callable
8/25/26
@
100
(a)
........
140
140
United
Auto
Credit
Securitization
Trust
,
Series
2022-1
,
Class
C
,
2
.61
%
,
6/10/27
,
Callable
12/10/25
@
100
(a)
..................................................
93
92
Westlake
Automobile
Receivables
Trust
.......................................
Series
2021-1A
,
Class
C
,
0
.95
%
,
3/16/26
,
Callable
2/15/25
@
100
(a)
..............
160
159
Series
2021-2A
,
Class
C
,
0
.89
%
,
7/15/26
,
Callable
7/15/25
@
100
(a)
..............
337
331
Series
2022-1A
,
Class
C
,
3
.11
%
,
3/15/27
,
Callable
9/15/25
@
100
(a)
..............
310
303
Series
2023-1A
,
Class
B
,
5
.41
%
,
1/18/28
,
Callable
6/15/26
@
100
(a)
..............
250
249
Series
2023-2A
,
Class
B
,
6
.14
%
,
3/15/28
,
Callable
7/15/26
@
100
(a)
..............
500
503
4,814
ABS
Card
(0.1%):
Master
Credit
Card
Trust
II
,
Series
2023-4A
,
Class
C
,
7
.53
%
,
10/21/32
(a)
..............
127
133
ABS
Home
(0.1%):
Credit
Suisse
First
Boston
Mortgage
Securities
Corp.
,
Series
2002-HE16
,
Class
M1
,
6
.79
%
(
TSFR1M
+
143
bps
)
,
10/25/32
,
Callable
1/25/24
@
100
(b)
......................
59
60
ABS
Other
(0.8%):
CCG
Receivables
Trust
,
Series
2023-2
,
Class
B
,
6
.21
%
,
4/14/32
,
Callable
12/14/27
@
100
(a)
50
51
Daimler
Trucks
Retail
Trust
,
Series
2023-1
,
Class
A4
,
5
.93
%
,
12/16/30
,
Callable
11/15/26
@
100
.............................................................
200
204
Dell
Equipment
Finance
Trust
,
Series
2023-3
,
Class
A3
,
5
.93
%
,
4/23/29
,
Callable
3/22/26
@
100
(a)
...........................................................
94
96
HPEFS
Equipment
Trust
,
Series
2023-2A
,
Class
C
,
6
.48
%
,
1/21/31
,
Callable
9/20/26
@
100
(a)
200
202
SCF
Equipment
Leasing
LLC
..............................................
Series
2019-2A
,
Class
C
,
3
.11
%
,
6/21/27
,
Callable
9/20/24
@
100
(a)
..............
250
245
Series
2023-1A
,
Class
B
,
6
.37
%
,
5/20/32
,
Callable
5/20/30
@
100
(a)
..............
43
44
842
Total
Asset-Backed
Securities
(Cost
$5,858)
a
a
a
5,849
Victory
Portfolios
Victory
Total
Return
Bond
Fund
60
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
(000)
Value
(000)
Collateralized
Mortgage
Obligations
(7.3%)
Agency
CMO
Other
(0.5%):
Federal
Home
Loan
Mortgage
Corporation
,
Series
4395
,
Class
PA
,
2
.50
%
,
4/15/37
........
$
122
$
115
Federal
National
Mortgage
Association
.......................................
Series
2005-19
,
Class
PB
,
5
.50
%
,
3/25/35
.................................
161
164
Series
2011-21
,
Class
PA
,
4
.50
%
,
5/25/40
.................................
167
166
Series
2013-81
,
Class
KA
,
2
.75
%
,
9/25/42
.................................
116
109
554
Commercial
MBS
(6.8%):
BANK
,
Series
2020-BN26
,
Class
AS
,
2
.69
%
,
3/15/63
,
Callable
3/15/30
@
100
...........
290
239
CFCRE
Commercial
Mortgage
Trust
.........................................
Series
2016-C3
,
Class
A2
,
3
.60
%
,
1/10/48
,
Callable
1/10/26
@
100
...............
153
147
Series
2016-C4
,
Class
A4
,
3
.28
%
,
5/10/58
,
Callable
5/10/26
@
100
...............
163
154
Citigroup
Commercial
Mortgage
Trust
........................................
Series
2015-GC29
,
Class
A4
,
3
.19
%
,
4/10/48
,
Callable
4/10/25
@
100
.............
345
334
Series
2015-GC33
,
Class
A4
,
3
.78
%
,
9/10/58
,
Callable
5/10/26
@
100
.............
463
444
Series
2015-P1
,
Class
A5
,
3
.72
%
,
9/15/48
,
Callable
5/15/26
@
100
...............
158
152
Series
2016-P4
,
Class
A4
,
2
.90
%
,
7/10/49
,
Callable
7/10/26
@
100
...............
244
229
Series
2020-GC46
,
Class
AS
,
2
.92
%
,
2/15/53
,
Callable
2/15/30
@
100
.............
257
206
COMM
Mortgage
Trust
,
Series
2015-CR25
,
Class
A4
,
3
.76
%
,
8/10/48
,
Callable
8/10/25
@
100
.............................................................
186
180
CSAIL
Commercial
Mortgage
Trust
.........................................
Series
2015-C2
,
Class
A4
,
3
.50
%
,
6/15/57
,
Callable
5/15/25
@
100
...............
212
206
Series
2015-C3
,
Class
A4
,
3
.72
%
,
8/15/48
,
Callable
8/15/25
@
100
...............
348
335
Series
2015-C4
,
Class
A4
,
3
.81
%
,
11/15/48
,
Callable
11/15/25
@
100
.............
338
327
Series
2016-C7
,
Class
A5
,
3
.50
%
,
11/15/49
,
Callable
11/15/26
@
100
.............
137
130
GS
Mortgage
Securities
Trust
..............................................
Series
2015-GC30
,
Class
A4
,
3
.38
%
,
5/10/50
,
Callable
5/10/25
@
100
.............
162
156
Series
2016-GS2
,
Class
A4
,
3
.05
%
,
5/10/49
,
Callable
5/10/26
@
100
..............
162
153
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
Series
2016-JP2
,
Class
A4
,
2
.82
%
,
8/15/49
,
Callable
7/15/26
@
100
........................................
376
351
JPMBB
Commercial
Mortgage
Securities
Trust
.................................
Series
2015-C28
,
Class
A4
,
3
.23
%
,
10/15/48
,
Callable
4/15/25
@
100
.............
453
437
Series
2015-C31
,
Class
A3
,
3
.80
%
,
8/15/48
,
Callable
8/15/25
@
100
..............
138
132
Series
2016-C1
,
Class
A5
,
3
.58
%
,
3/17/49
,
Callable
2/15/26
@
100
...............
419
401
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
Series
2016-C32
,
Class
A4
,
3
.72
%
,
12/15/49
,
Callable
1/15/27
@
100
.......................................
405
386
Wells
Fargo
Commercial
Mortgage
Trust
......................................
Series
2015-C28
,
Class
A4
,
3
.54
%
,
5/15/48
,
Callable
5/15/25
@
100
..............
193
187
Series
2015-C30
,
Class
A4
,
3
.66
%
,
9/15/58
,
Callable
8/15/25
@
100
..............
181
175
Series
2015-P2
,
Class
A4
,
3
.81
%
,
12/15/48
,
Callable
12/15/25
@
100
.............
420
405
Series
2016-NXS6
,
Class
A4
,
2
.92
%
,
11/15/49
,
Callable
10/15/26
@
100
...........
548
514
Series
2017-RC1
,
Class
A4
,
3
.63
%
,
1/15/60
,
Callable
3/15/27
@
100
..............
311
296
6,676
Total
Collateralized
Mortgage
Obligations
(Cost
$7,610)
a
a
a
7,230
Corporate
Bonds
(23.6%)
Communication
Services
(1.6%):
AT&T,
Inc.
,
5
.15
%
,
11/15/46
,
Callable
5/15/46
@
100
............................
312
301
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
,
2
.25
%
,
1/15/29
,
Callable
11/15/28
@
100
.......................................
150
130
Comcast
Corp.
3
.55
%
,
5/1/28
,
Callable
2/1/28
@
100
....................................
100
97
3
.45
%
,
2/1/50
,
Callable
8/1/49
@
100
....................................
250
192
T-Mobile
US,
Inc.
,
3
.88
%
,
4/15/30
,
Callable
1/15/30
@
100
........................
492
467
Verizon
Communications,
Inc.
,
3
.55
%
,
3/22/51
,
Callable
9/22/50
@
100
................
375
289
Warnermedia
Holdings,
Inc.
,
4
.05
%
,
3/15/29
,
Callable
1/15/29
@
100
.................
100
95
1,571
Victory
Portfolios
Victory
Total
Return
Bond
Fund
61
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
(000)
Value
(000)
Consumer
Discretionary
(2.5%):
Dana,
Inc.
,
5
.63
%
,
6/15/28
,
Callable
1/16/24
@
102.81
............................
$
110
$
109
General
Motors
Financial
Co.,
Inc.
,
5
.85
%
,
4/6/30
,
Callable
2/6/30
@
100
..............
256
264
Genuine
Parts
Co.
,
6
.88
%
,
11/1/33
,
Callable
8/1/33
@
100
.........................
48
53
Lennar
Corp.
,
5
.00
%
,
6/15/27
,
Callable
12/15/26
@
100
...........................
212
213
Marriott
International,
Inc.
,
3
.60
%
,
4/15/24
,
Callable
3/15/24
@
100
..................
326
324
Meritage
Homes
Corp.
,
6
.00
%
,
6/1/25
,
Callable
3/1/25
@
100
.......................
41
41
NIKE,
Inc.
,
3
.88
%
,
11/1/45
,
Callable
5/1/45
@
100
...............................
198
174
NVR,
Inc.
,
3
.00
%
,
5/15/30
,
Callable
11/15/29
@
100
.............................
267
238
O'Reilly
Automotive,
Inc.
,
4
.70
%
,
6/15/32
,
Callable
3/15/32
@
100
...................
199
197
PulteGroup,
Inc.
,
5
.00
%
,
1/15/27
,
Callable
10/15/26
@
100
(c)
.......................
240
241
Ross
Stores,
Inc.
,
3
.38
%
,
9/15/24
,
Callable
6/15/24
@
100
.........................
160
158
Tapestry,
Inc.
,
7
.85
%
,
11/27/33
,
Callable
8/27/33
@
100
...........................
100
107
Volkswagen
Group
of
America
Finance
LLC
4
.60
%
,
6/8/29
,
Callable
4/8/29
@
100
(a)
..................................
200
196
6
.45
%
,
11/16/30
,
Callable
9/16/30
@
100
(a)
................................
40
43
Yum!
Brands,
Inc.
,
3
.63
%
,
3/15/31
,
Callable
12/15/30
@
100
.......................
171
154
2,512
Consumer
Staples
(1.5%):
7-Eleven,
Inc.
,
0
.80
%
,
2/10/24
,
Callable
2/5/24
@
100
(a)
..........................
168
167
Altria
Group,
Inc.
,
4
.40
%
,
2/14/26
,
Callable
12/14/25
@
100
........................
105
104
Anheuser-Busch
InBev
Worldwide,
Inc.
,
4
.38
%
,
4/15/38
,
Callable
10/15/37
@
100
........
250
237
BAT
Capital
Corp.
,
5
.28
%
,
4/2/50
,
Callable
10/2/49
@
100
.........................
167
143
Church
&
Dwight
Co.,
Inc.
,
2
.30
%
,
12/15/31
,
Callable
9/15/31
@
100
.................
139
118
Keurig
Dr
Pepper,
Inc.
,
4
.50
%
,
4/15/52
,
Callable
10/15/51
@
100
....................
100
92
Reynolds
American,
Inc.
,
6
.15
%
,
9/15/43
......................................
175
174
Sodexo,
Inc.
,
2
.72
%
,
4/16/31
,
Callable
1/16/31
@
100
(a)
..........................
200
170
The
Estee
Lauder
Cos.,
Inc.
,
4
.15
%
,
3/15/47
,
Callable
9/15/46
@
100
.................
105
91
The
J.M.
Smucker
Co.
,
6
.20
%
,
11/15/33
,
Callable
8/15/33
@
100
....................
100
109
Tyson
Foods,
Inc.
,
5
.10
%
,
9/28/48
,
Callable
3/28/48
@
100
.........................
135
123
1,528
Energy
(1.7%):
Continental
Resources,
Inc.
,
2
.27
%
,
11/15/26
,
Callable
2/5/24
@
100
(a)
................
267
246
Energy
Transfer
LP
4
.15
%
,
9/15/29
,
Callable
6/15/29
@
100
..................................
100
95
3
.75
%
,
5/15/30
,
Callable
2/15/30
@
100
..................................
200
186
EOG
Resources,
Inc.
,
4
.95
%
,
4/15/50
,
Callable
10/15/49
@
100
.....................
135
133
Marathon
Oil
Corp.
,
6
.60
%
,
10/1/37
.........................................
255
270
MPLX
LP
,
4
.00
%
,
3/15/28
,
Callable
12/15/27
@
100
.............................
150
145
Murphy
Oil
USA,
Inc.
,
3
.75
%
,
2/15/31
,
Callable
2/15/26
@
101.88
(a)
.................
201
176
Pioneer
Natural
Resources
Co.
,
1
.90
%
,
8/15/30
,
Callable
5/15/30
@
100
...............
251
213
Western
Midstream
Operating
LP
,
4
.05
%
,
2/1/30
,
Callable
11/1/29
@
100
..............
188
176
1,640
Financials
(6.7%):
Aflac,
Inc.
,
4
.75
%
,
1/15/49
,
Callable
7/15/48
@
100
..............................
35
33
American
Express
Co.
,
4
.99
%
(
SOFR
+
226
bps
)
,
5/26/33
,
Callable
2/26/32
@
100
(b)
.......
299
298
Bank
of
America
Corp.
4
.20
%
,
8/26/24
,
MTN
................................................
160
158
2
.57
%
(
SOFR
+
121
bps
)
,
10/20/32
,
Callable
10/20/31
@
100
(b)
..................
400
332
Capital
One
Financial
Corp.
4
.93
%
(
SOFR
+
206
bps
)
,
5/10/28
,
Callable
5/10/27
@
100
(b)
....................
174
171
2
.36
%
(
SOFR
+
134
bps
)
,
7/29/32
,
Callable
7/29/31
@
100
(b)
....................
145
110
Cincinnati
Financial
Corp.
,
6
.13
%
,
11/1/34
.....................................
230
241
Citigroup,
Inc.
3
.88
%
,
3/26/25
....................................................
108
106
4
.60
%
,
3/9/26
.....................................................
232
229
4
.45
%
,
9/29/27
....................................................
108
106
Citizens
Financial
Group,
Inc.
,
2
.50
%
,
2/6/30
,
Callable
11/6/29
@
100
.................
300
252
Fifth
Third
Bancorp
,
3
.65
%
,
1/25/24
,
Callable
1/16/24
@
100
.......................
300
299
Fiserv,
Inc.
,
5
.60
%
,
3/2/33
,
Callable
12/2/32
@
100
..............................
100
105
Ford
Motor
Credit
Co.
LLC
,
4
.06
%
,
11/1/24
,
Callable
10/1/24
@
100
.................
290
285
Victory
Portfolios
Victory
Total
Return
Bond
Fund
62
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
(000)
Value
(000)
Globe
Life,
Inc.
,
2
.15
%
,
8/15/30
,
Callable
5/15/30
@
100
..........................
$
250
$
209
JPMorgan
Chase
&
Co.
2
.55
%
(
SOFR
+
118
bps
)
,
11/8/32
,
Callable
11/8/31
@
100
(b)
....................
376
314
5
.72
%
(
SOFR
+
258
bps
)
,
9/14/33
,
Callable
9/14/32
@
100
(b)
....................
204
211
5
.60
%
,
7/15/41
....................................................
137
146
KeyCorp.
,
4
.79
%
(
SOFRINDX
+
206
bps
)
,
6/1/33
,
MTN
,
Callable
6/1/32
@
100
(b)
........
150
138
Morgan
Stanley
3
.13
%
,
7/27/26
,
MTN
................................................
287
275
2
.51
%
(
SOFR
+
120
bps
)
,
10/20/32
,
Callable
10/20/31
@
100
,
MTN
(b)
.............
500
415
Old
Republic
International
Corp.
,
3
.85
%
,
6/11/51
,
Callable
12/11/50
@
100
.............
104
76
Pfizer
Investment
Enterprises
Pte
Ltd.
,
4
.75
%
,
5/19/33
,
Callable
2/19/33
@
100
..........
150
150
Regions
Financial
Corp.
,
1
.80
%
,
8/12/28
,
Callable
6/12/28
@
100
....................
228
195
State
Street
Corp.
,
5
.16
%
(
SOFR
+
189
bps
)
,
5/18/34
,
Callable
5/18/33
@
100
(b)
..........
100
101
The
Bank
of
New
York
Mellon
Corp.
,
4
.70
%
(
H15T5Y
+
436
bps
)
,
Callable
9/20/25
@
100
(b)
(d)
.........................................................
250
244
The
Goldman
Sachs
Group,
Inc.
,
3
.50
%
,
1/23/25
,
Callable
10/23/24
@
100
.............
275
270
The
Huntington
National
Bank
,
5
.65
%
,
1/10/30
,
Callable
11/10/29
@
100
..............
250
253
The
PNC
Financial
Services
Group,
Inc.
,
4
.63
%
(
SOFRINDX
+
185
bps
)
,
6/6/33
,
Callable
6/6/32
@
100
(b)
....................................................
250
235
UL
Solutions,
Inc.
,
6
.50
%
,
10/20/28
,
Callable
9/20/28
@
100
(a)
.....................
100
105
US
Bancorp
,
5
.78
%
(
SOFR
+
202
bps
)
,
6/12/29
,
Callable
6/12/28
@
100
(b)
..............
200
205
Wells
Fargo
&
Co.
4
.30
%
,
7/22/27
,
MTN
................................................
160
157
4
.90
%
,
11/17/45
,
MTN
...............................................
155
141
6,565
Health
Care
(2.4%):
AbbVie,
Inc.
,
4
.45
%
,
5/14/46
,
Callable
11/14/45
@
100
...........................
142
131
Amgen,
Inc.
,
5
.15
%
,
3/2/28
,
Callable
2/2/28
@
100
..............................
240
245
Baxter
International,
Inc.
2
.54
%
,
2/1/32
,
Callable
11/1/31
@
100
...................................
390
327
3
.50
%
,
8/15/46
,
Callable
2/15/46
@
100
..................................
109
80
Bristol-Myers
Squibb
Co.
,
5
.90
%
,
11/15/33
,
Callable
8/15/33
@
100
..................
150
164
Centene
Corp.
,
4
.25
%
,
12/15/27
,
Callable
1/22/24
@
101.42
........................
168
162
CVS
Health
Corp.
,
2
.13
%
,
9/15/31
,
Callable
6/15/31
@
100
........................
150
124
Elevance
Health,
Inc.
,
2
.38
%
,
1/15/25
,
Callable
12/15/24
@
100
.....................
148
144
HCA,
Inc.
,
4
.13
%
,
6/15/29
,
Callable
3/15/29
@
100
..............................
193
185
Hologic,
Inc.
,
3
.25
%
,
2/15/29
,
Callable
2/5/24
@
101.63
(a)
.........................
260
236
Regeneron
Pharmaceuticals,
Inc.
,
2
.80
%
,
9/15/50
,
Callable
3/15/50
@
100
..............
146
97
Universal
Health
Services,
Inc.
1
.65
%
,
9/1/26
,
Callable
8/1/26
@
100
(a)
..................................
394
358
2
.65
%
,
10/15/30
,
Callable
7/15/30
@
100
(a)
...............................
102
86
2,339
Industrials
(2.5%):
Acuity
Brands
Lighting,
Inc.
,
2
.15
%
,
12/15/30
,
Callable
9/15/30
@
100
................
107
89
Air
Lease
Corp.
,
0
.80
%
,
8/18/24
,
Callable
7/18/24
@
100
..........................
146
141
Ashtead
Capital,
Inc.
4
.25
%
,
11/1/29
,
Callable
11/1/24
@
102.13
(a)
..............................
250
233
5
.95
%
,
10/15/33
,
Callable
7/15/33
@
100
(a)
...............................
250
255
CSX
Corp.
,
3
.35
%
,
9/15/49
,
Callable
3/15/49
@
100
.............................
92
70
Hillenbrand,
Inc.
,
5
.00
%
,
9/15/26
,
Callable
7/15/26
@
100
.........................
420
416
Honeywell
International,
Inc.
,
2
.80
%
,
6/1/50
,
Callable
12/1/49
@
100
.................
82
63
Norfolk
Southern
Corp.
2
.30
%
,
5/15/31
,
Callable
2/15/31
@
100
..................................
239
206
2
.90
%
,
8/25/51
,
Callable
2/25/51
@
100
..................................
125
85
Northrop
Grumman
Corp.
,
5
.25
%
,
5/1/50
,
Callable
11/1/49
@
100
....................
116
120
Otis
Worldwide
Corp.
,
3
.11
%
,
2/15/40
,
Callable
8/15/39
@
100
......................
75
60
Snap-on,
Inc.
,
4
.10
%
,
3/1/48
,
Callable
9/1/47
@
100
..............................
115
102
Victory
Portfolios
Victory
Total
Return
Bond
Fund
63
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
(000)
Value
(000)
The
Boeing
Co.
3
.25
%
,
2/1/28
,
Callable
12/1/27
@
100
...................................
$
100
$
95
3
.63
%
,
2/1/31
,
Callable
11/1/30
@
100
...................................
250
232
5
.81
%
,
5/1/50
,
Callable
11/1/49
@
100
...................................
250
259
2,426
Information
Technology
(1.6%):
Apple,
Inc.
,
4
.65
%
,
2/23/46
,
Callable
8/23/45
@
100
.............................
117
116
Broadcom,
Inc.
,
5
.00
%
,
4/15/30
,
Callable
1/15/30
@
100
..........................
165
168
Cadence
Design
Systems,
Inc.
,
4
.38
%
,
10/15/24
,
Callable
7/15/24
@
100
...............
342
338
Dell
International
LLC/EMC
Corp.
,
5
.25
%
,
2/1/28
,
Callable
1/1/28
@
100
..............
196
201
Micron
Technology,
Inc.
,
5
.33
%
,
2/6/29
,
Callable
11/6/28
@
100
.....................
100
102
Oracle
Corp.
2
.95
%
,
4/1/30
,
Callable
1/1/30
@
100
....................................
150
135
3
.60
%
,
4/1/50
,
Callable
10/1/49
@
100
...................................
100
74
Sensata
Technologies,
Inc.
,
3
.75
%
,
2/15/31
,
Callable
2/15/26
@
101.88
(a)
..............
130
115
Texas
Instruments,
Inc.
,
4
.15
%
,
5/15/48
,
Callable
11/15/47
@
100
....................
160
145
TSMC
Arizona
Corp.
,
2
.50
%
,
10/25/31
,
Callable
7/25/31
@
100
.....................
200
171
1,565
Materials
(0.9%):
Avery
Dennison
Corp.
,
2
.25
%
,
2/15/32
,
Callable
11/15/31
@
100
....................
150
124
Celanese
U.S.
Holdings
LLC
,
6
.33
%
,
7/15/29
,
Callable
5/15/29
@
100
................
100
105
Eagle
Materials,
Inc.
,
2
.50
%
,
7/1/31
,
Callable
4/1/31
@
100
........................
150
127
LYB
International
Finance
III
LLC
,
5
.63
%
,
5/15/33
,
Callable
2/15/33
@
100
(c)
..........
262
274
Martin
Marietta
Materials,
Inc.
,
2
.40
%
,
7/15/31
,
Callable
4/15/31
@
100
...............
50
43
Newmont
Corp.
,
2
.60
%
,
7/15/32
,
Callable
4/15/32
@
100
..........................
104
89
Packaging
Corp.
of
America
,
3
.05
%
,
10/1/51
,
Callable
4/1/51
@
100
..................
150
105
867
Real
Estate
(1.3%):
Essential
Properties
LP
,
2
.95
%
,
7/15/31
,
Callable
4/15/31
@
100
.....................
131
103
Kite
Realty
Group
Trust
,
4
.00
%
,
3/15/25
,
Callable
12/15/24
@
100
...................
100
98
Physicians
Realty
LP
3
.95
%
,
1/15/28
,
Callable
10/15/27
@
100
.................................
138
131
2
.63
%
,
11/1/31
,
Callable
8/1/31
@
100
...................................
128
105
Realty
Income
Corp.
,
5
.63
%
,
10/13/32
,
Callable
7/13/32
@
100
......................
303
319
Regency
Centers
LP
,
4
.65
%
,
3/15/49
,
Callable
9/15/48
@
100
.......................
114
98
Sabra
Health
Care
LP
,
5
.13
%
,
8/15/26
,
Callable
5/15/26
@
100
......................
145
143
Simon
Property
Group
LP
,
6
.25
%
,
1/15/34
,
Callable
10/15/33
@
100
..................
60
65
Spirit
Realty
LP
,
3
.20
%
,
1/15/27
,
Callable
11/15/26
@
100
.........................
266
251
1,313
Utilities
(0.9%):
Ameren
Illinois
Co.
,
1
.55
%
,
11/15/30
,
Callable
8/15/30
@
100
......................
225
183
Consolidated
Edison
Co.
of
New
York,
Inc.
,
6
.30
%
,
8/15/37
........................
250
274
Oglethorpe
Power
Corp.
,
4
.20
%
,
12/1/42
......................................
50
40
Oklahoma
Gas
and
Electric
Co.
,
5
.25
%
,
5/15/41
,
Callable
11/15/40
@
100
..............
190
180
Public
Service
Electric
&
Gas
Co.
,
3
.95
%
,
5/1/42
,
MTN
,
Callable
11/1/41
@
100
.........
159
137
Wisconsin
Public
Service
Corp.
,
2
.85
%
,
12/1/51
,
Callable
6/1/51
@
100
...............
174
116
930
Total
Corporate
Bonds
(Cost
$24,661)
a
a
a
23,256
Yankee
Dollars
(3.4%)
Consumer
Discretionary
(0.2%):
Aptiv
PLC/Aptiv
Corp.
,
3
.25
%
,
3/1/32
,
Callable
12/1/31
@
100
.....................
185
164
Consumer
Staples
(0.2%):
Suntory
Holdings
Ltd.
,
2
.25
%
,
10/16/24
,
Callable
9/16/24
@
100
(a)
..................
200
195
Energy
(0.2%):
Equinor
ASA
,
3
.95
%
,
5/15/43
..............................................
100
88
Victory
Portfolios
Victory
Total
Return
Bond
Fund
64
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
(000)
Value
(000)
TotalEnergies
Capital
International
SA
,
2
.99
%
,
6/29/41
,
Callable
12/29/40
@
100
.........
$
195
$
152
240
Financials
(1.5%):
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
,
6
.50
%
,
7/15/25
,
Callable
6/15/25
@
100
...........................................................
150
152
Banco
Santander
SA
,
6
.92
%
,
8/8/33
.........................................
200
213
Barclays
PLC
,
2
.28
%
(
H15T1Y
+
105
bps
)
,
11/24/27
,
Callable
11/24/26
@
100
(b)
.........
200
184
Canadian
Imperial
Bank
of
Commerce
,
6
.09
%
,
10/3/33
,
Callable
7/3/33
@
100
...........
150
160
Deutsche
Bank
AG
,
3
.74
%
(
SOFR
+
226
bps
)
,
1/7/33
,
Callable
10/7/31
@
100
(b)
..........
100
82
HSBC
Holdings
PLC
,
2
.87
%
(
SOFR
+
141
bps
)
,
11/22/32
,
Callable
11/22/31
@
100
(b)
......
340
283
Mizuho
Financial
Group,
Inc.
,
2
.56
%
,
9/13/31
..................................
200
163
UBS
Group
AG
,
4
.28
%
,
1/9/28
,
Callable
1/9/27
@
100
(a)
..........................
250
242
1,479
Industrials
(0.7%):
Canadian
National
Railway
Co.
,
3
.20
%
,
8/2/46
,
Callable
2/2/46
@
100
................
85
66
Canadian
Pacific
Railway
Co.
,
3
.10
%
,
12/2/51
,
Callable
6/2/51
@
100
.................
92
66
Ferguson
Finance
PLC
,
4
.65
%
,
4/20/32
,
Callable
1/20/32
@
100
(a)
...................
200
194
Pentair
Finance
Sarl
,
5
.90
%
,
7/15/32
,
Callable
4/15/32
@
100
.......................
100
104
Sensata
Technologies
BV
,
4
.00
%
,
4/15/29
,
Callable
4/15/24
@
102
(a)
.................
200
186
Trane
Technologies
Financing
Ltd.
,
5
.25
%
,
3/3/33
,
Callable
12/3/32
@
100
.............
100
103
719
Materials
(0.5%):
Anglo
American
Capital
PLC
,
3
.95
%
,
9/10/50
,
Callable
3/10/50
@
100
(a)
..............
200
153
Newcrest
Finance
Pty
Ltd.
5
.75
%
,
11/15/41
(a)
..................................................
155
161
4
.20
%
,
5/13/50
,
Callable
11/13/49
@
100
(a)
................................
110
94
Rio
Tinto
Finance
USA
Ltd.
,
5
.20
%
,
11/2/40
...................................
75
77
485
Utilities
(0.1%):
Iberdrola
International
BV
,
6
.75
%
,
9/15/33
.....................................
50
52
Total
Yankee
Dollars
(Cost
$3,547)
a
a
a
3,334
U.S.
Government
Agency
Mortgages
(18.5%)
Federal
Home
Loan
Mortgage
Corporation
9
.00
%
,
4/1/25
.....................................................
2
2
7
.50
%
,
8/1/29
.....................................................
4
4
5
.50
%
,
10/1/38
....................................................
185
187
2
.50
%
,
7/1/50
-
3/1/51
...............................................
867
742
2
.00
%
,
3/1/51
.....................................................
492
405
3
.50
%
,
3/1/52
.....................................................
1,696
1,553
4
.00
%
,
6/1/52
-
10/1/52
..............................................
2,288
2,170
4
.50
%
,
6/1/52
-
8/1/52
...............................................
2,342
2,270
7,333
Federal
National
Mortgage
Association
6
.00
%
,
2/1/37
.....................................................
51
54
3
.00
%
,
8/1/46
-
10/1/50
..............................................
2,272
2,033
4
.00
%
,
3/1/47
-
5/1/52
...............................................
1,478
1,399
3
.50
%
,
11/1/47
-
4/1/52
..............................................
760
710
2
.00
%
,
3/1/51
-
12/1/51
..............................................
2,153
1,774
2
.50
%
,
7/1/51
-
3/1/52
...............................................
3,125
2,660
4
.50
%
,
10/1/52
....................................................
1,856
1,799
10,429
Government
National
Mortgage
Association
5
.50
%
,
4/20/53
....................................................
195
196
2
.50
%
,
7/20/53
....................................................
97
85
Victory
Portfolios
Victory
Total
Return
Bond
Fund
65
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
(000)
Value
(000)
6
.00
%
,
9/20/53
....................................................
$
197
$
202
483
Total
U.S.
Government
Agency
Mortgages
(Cost
$19,037)
a
a
a
18,245
U.S.
Treasury
Obligations
(38.6%)
U.S.
Treasury
Bonds
3
.50
%
,
2/15/39
....................................................
2,000
1,894
1
.13
%
,
5/15/40
....................................................
804
519
2
.00
%
,
11/15/41
....................................................
356
258
2
.38
%
,
2/15/42
....................................................
5,377
4,134
2
.88
%
,
5/15/49
....................................................
3,902
3,109
1
.88
%
,
2/15/51
....................................................
81
52
2
.00
%
,
8/15/51
....................................................
795
521
4
.13
%
,
8/15/53
....................................................
1,000
1,014
U.S.
Treasury
Notes
3
.00
%
,
7/31/24
....................................................
492
486
0
.38
%
,
8/15/24
....................................................
502
488
0
.75
%
,
11/15/24
....................................................
505
487
1
.88
%
,
2/28/27
....................................................
2,500
2,344
0
.50
%
,
6/30/27
....................................................
1,107
983
0
.75
%
,
1/31/28
....................................................
500
441
4
.00
%
,
2/29/28
....................................................
211
212
1
.25
%
,
5/31/28
....................................................
528
472
2
.88
%
,
8/15/28
....................................................
500
478
4
.88
%
,
10/31/28
....................................................
7,531
7,862
3
.75
%
,
5/31/30
....................................................
1,000
992
0
.63
%
,
8/15/30
....................................................
613
497
4
.63
%
,
9/30/30
....................................................
500
521
1
.13
%
,
2/15/31
....................................................
298
249
1
.63
%
,
5/15/31
....................................................
3,483
2,988
1
.38
%
,
11/15/31
....................................................
299
248
1
.88
%
,
2/15/32
....................................................
289
249
2
.88
%
,
5/15/32
....................................................
268
248
2
.75
%
,
8/15/32
....................................................
272
249
3
.38
%
,
5/15/33
....................................................
3,120
2,996
3
.88
%
,
8/15/33
....................................................
3,000
2,998
Total
U.S.
Treasury
Obligations
(Cost
$36,487)
a
a
a
37,989
Commercial
Paper
(1.9%)
Utilities
(1.9%):
DTE
Energy
Co.
,
7
.61
%
,
1/5/24
(a)
(e)
........................................
950
949
Kentucky
Utilities
Co.
,
10
.86
%
,
1/2/24
(a)
(e)
...................................
950
950
1,899
Total
Commercial
Paper
(Cost
$1,899)
a
a
a
1,899
Shares
Collateral
for
Securities
Loaned
(0.3%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.25
%
(f)
........
71,239
72
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.30
%
(f)
............
71,239
71
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.28
%
(f)
................
71,239
71
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.26
%
(f)
.
71,239
71
Total
Collateral
for
Securities
Loaned
(Cost
$285)
a
a
a
285
Total
Investments
(Cost
$99,384)
—
99.5%
98,087
Other
assets
in
excess
of
liabilities
—
0.5%
475
NET
ASSETS
-
100.00%
$
98,562
Victory
Portfolios
Victory
Total
Return
Bond
Fund
66
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
December
31,
2023,
the
fair
value
of
these
securities
was
$9,745
(thousands)
and
amounted
to
9.9%
of
net
assets.
(b)
Variable
or
Floating-Rate
Security.
Rate
disclosed
is
as
of
December
31,
2023.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(e)
Rate
represents
the
effective
yield
at
December
31,
2023.
(f)
Rate
disclosed
is
the
daily
yield
on
December
31,
2023.
ABS
—
Asset-Backed
Securities
bps
—
Basis
points
CMO
—
Collateralized
Mortgage
Obligations
H15T1Y
—
1
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
December
31,
2023.
H15T5Y
—
5
Year
Treasury
Constant
Maturity
Rate,
rate
disclosed
as
of
December
31,
2023.
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
MBS
—
Mortgage-Backed
Securities
MTN
—
Medium
Term
Note
PLC
—
Public
Limited
Company
SOFR
—
Secured
Overnight
Financing
Rate
SOFRINDX
—
United
States
SOFR
Compounded
Index,
rate
disclosed
as
of  December
31,
2023.
TSFR1M
—
1
month
Term
SOFR,
rate
disclosed
as
of
December
31,
2023.
Statements
of
Assets
and
Liabilities
December
31,
2023
67
See
notes
to
financial
statements.
Victory
Portfolios
(Amounts
in
Thousands,
Except
Per
Share
Amounts)
(Unaudited)
Victory
Integrity
Discovery
Fund
Victory
Integrity
Mid-Cap
Value
Fund
Victory
Integrity
Small-Cap
Value
Fund
Assets:
Investments,
at
value
(Cost
$51,787,
$270,765
and
$1,262,739)
$
63,490‌
(a)
$
325,657‌
$
1,525,187‌
(b)
Cash
297‌
2,749‌
22,261‌
Receivables:
Interest
and
dividends
65‌
907‌
2,827‌
Capital
shares
issued
272‌
196‌
1,464‌
Investments
sold
918‌
—‌
—‌
From
Adviser
5‌
150‌
1‌
Prepaid
expenses
24‌
31‌
31‌
Total
Assets
65,071‌
329,690‌
1,551,771‌
Liabilities:
Payables:
Collateral
received
on
loaned
securities
1,175‌
—‌
23‌
Investments
purchased
77‌
—‌
7,397‌
Capital
shares
redeemed
325‌
418‌
906‌
Accrued
expenses
and
other
payables:
Investment
advisory
fees
53‌
206‌
1,096‌
Administration
fees
3‌
15‌
69‌
Custodian
fees
1‌
3‌
12‌
Transfer
agent
fees
3‌
6‌
20‌
Sub-Transfer
agent
fees
17‌
16‌
155‌
Compliance
fees
—‌
(c)
—‌
(c)
1‌
Trustees'
fees
18‌
—‌
(c)
19‌
12b-1
fees
1‌
1‌
4‌
Other
accrued
expenses
17‌
23‌
47‌
Total
Liabilities
1,690‌
688‌
9,749‌
Commitments
and
contingencies
(Note
5
)
Net
Assets:
Capital
50,487‌
276,653‌
1,256,042‌
Total
accumulated
earnings/(loss)
12,894‌
52,349‌
285,980‌
Net
Assets
$
63,381‌
$
329,002‌
$
1,542,022‌
Net
Assets
Class
A
$
35,524‌
$
25,158‌
$
76,146‌
Class
C
662‌
93‌
4,129‌
Class
R
527‌
—‌
5,400‌
Class
R6
—‌
240,075‌
766,004‌
Class
Y
22,985‌
60,249‌
690,343‌
Member
Class
3,683‌
3,427‌
—‌
Total
$
63,381‌
$
329,002‌
$
1,542,022‌
Shares
(unlimited
number
of
shares
authorized
with
a
par
value
of
$0.001
per
share):
Class
A
891‌
1,087‌
2,307‌
Class
C
27‌
4‌
165‌
Class
R
15‌
—‌
174‌
Class
R6
—‌
10,225‌
21,777‌
Class
Y
507‌
2,570‌
19,810‌
Member
Class
92‌
145‌
—‌
Total
1,532‌
14,031‌
44,233‌
Net
asset
value,
offering
and
redemption
price
per
share:(d)
Class
A
$
39
.89‌
$
23
.15‌
$
33
.00‌
Class
C(e)
24
.27‌
23
.05‌
25
.07‌
Class
R
36
.29‌
—‌
31
.07‌
Class
R6
—‌
23
.48‌
35
.17‌
Class
Y
45
.28‌
23
.44‌
34
.85‌
Member
Class
40
.00‌
23
.58‌
—‌
Maximum
Sales
Charge
—
Class
A
5
.75‌
%
5
.75‌
%
5
.75‌
%
Maximum
offering
price
(100%/(100%-maximum
sales
charge)
of
net
asset
value
adjusted
to
the
nearest
cent)
per
share
—
Class
A
$
42
.32‌
$
24
.56‌
$
35
.01‌
(a)
Includes
$1,135
thousand
of
securities
on
loan.
(b)
Includes
$22
thousand
of
securities
on
loan.
(c)
Rounds
to
less
than
$1
thousand.
(d)
Per
share
amount
may
not
recalculate
due
to
rounding
of
net
assets
and/or
shares
outstanding.
(e)
Redemption
price
per
share
varies
by
length
of
time
shares
are
held.
Statements
of
Assets
and
Liabilities
December
31,
2023
68
See
notes
to
financial
statements.
Victory
Portfolios
(Amounts
in
Thousands,
Except
Per
Share
Amounts)
(Unaudited)
Victory
Integrity
Small/Mid-Cap
Value
Fund
Victory
Munder
Multi-Cap
Fund
Victory
S&P
500
Index
Fund
Assets:
Investments,
at
value
(Cost
$260,093,
$296,774
and
$45,613)
$
304,708‌
$
417,591‌
(a)
$
252,641‌
Cash
2,310‌
6,468‌
1,546‌
Deposit
with
broker
for
futures
contracts
—‌
—‌
578‌
Receivables:
Interest
and
dividends
569‌
200‌
240‌
Capital
shares
issued
181‌
23‌
133‌
From
Adviser
61‌
2‌
—‌
Reclaims
—‌
—‌
—‌
(b)
Prepaid
expenses
51‌
18‌
18‌
Total
Assets
307,880‌
424,302‌
255,156‌
Liabilities:
Payables:
Collateral
received
on
loaned
securities
—‌
4,320‌
—‌
Investments
purchased
537‌
—‌
—‌
Capital
shares
redeemed
12,694‌
129‌
31‌
Variation
margin
on
open
futures
contracts
—‌
—‌
6‌
Accrued
expenses
and
other
payables:
Investment
advisory
fees
203‌
263‌
42‌
Administration
fees
14‌
19‌
11‌
Custodian
fees
2‌
3‌
2‌
Transfer
agent
fees
2‌
35‌
5‌
Sub-Transfer
agent
fees
7‌
75‌
28‌
Compliance
fees
—‌
(b)
—‌
(b)
—‌
(b)
Trustees'
fees
—‌
(b)
94‌
20‌
12b-1
fees
—‌
(b)
13‌
6‌
Other
accrued
expenses
24‌
31‌
23‌
Total
Liabilities
13,483‌
4,982‌
174‌
Commitments
and
contingencies
(Note
5
)
Net
Assets:
Capital
251,806‌
278,369‌
47,001‌
Total
accumulated
earnings/(loss)
42,591‌
140,951‌
207,981‌
Net
Assets
$
294,397‌
$
419,320‌
$
254,982‌
Net
Assets
Class
A
$
8,560‌
$
381,339‌
$
175,114‌
Class
C
—‌
1,307‌
—‌
Class
R
—‌
—‌
28,738‌
Class
R6
235,558‌
—‌
—‌
Class
Y
44,489‌
36,674‌
51,130‌
Member
Class
5,790‌
—‌
—‌
Total
$
294,397‌
$
419,320‌
$
254,982‌
Shares
(unlimited
number
of
shares
authorized
with
a
par
value
of
$0.001
per
share):
Class
A
402‌
8,075‌
7,335‌
Class
C
—‌
42‌
—‌
Class
R
—‌
—‌
1,210‌
Class
R6
10,874‌
—‌
—‌
Class
Y
2,062‌
683‌
2,118‌
Member
Class
269‌
—‌
—‌
Total
13,607‌
8,800‌
10,663‌
Net
asset
value,
offering
and
redemption
price
per
share:(c)
Class
A
$
21
.31‌
$
47
.22‌
$
23
.88‌
Class
C(d)
—‌
31
.25‌
—‌
Class
R
—‌
—‌
23
.74‌
Class
R6
21
.66‌
—‌
—‌
Class
Y
21
.57‌
53
.71‌
24
.14‌
Member
Class
21
.52‌
—‌
—‌
Maximum
Sales
Charge
—
Class
A
5
.75‌
%
5
.75‌
%
2
.25‌
%
Maximum
offering
price
(100%/(100%-maximum
sales
charge)
of
net
asset
value
adjusted
to
the
nearest
cent)
per
share
—
Class
A
$
22
.61‌
$
50
.10‌
$
24
.43‌
(a)
Includes
$4,216
thousand
of
securities
on
loan.
(b)
Rounds
to
less
than
$1
thousand.
(c)
Per
share
amount
may
not
recalculate
due
to
rounding
of
net
assets
and/or
shares
outstanding.
(d)
Redemption
price
per
share
varies
by
length
of
time
shares
are
held.
Statements
of
Assets
and
Liabilities
December
31,
2023
69
See
notes
to
financial
statements.
Victory
Portfolios
(Amounts
in
Thousands,
Except
Per
Share
Amounts)
(Unaudited)
Victory
Munder
Mid-Cap
Core
Growth
Fund
Victory
Trivalent
International
Fund
-
Core
Equity
Victory
Trivalent
International
Small-Cap
Fund
Assets:
Investments,
at
value
(Cost
$236,338,
$176,237
and
$2,824,110)
$
329,141‌
$
203,712‌
$
3,411,248‌
(a)
Foreign
currency,
at
value
(Cost
$—,
$104
and
$1,391)
—‌
104‌
1,395‌
Cash
739‌
1,762‌
22,271‌
Receivables:
Interest
and
dividends
192‌
217‌
5,269‌
Capital
shares
issued
39‌
1‌
3,152‌
From
Adviser
4‌
150‌
1,064‌
Reclaims
—‌
542‌
6,807‌
Prepaid
expenses
19‌
21‌
131‌
Total
Assets
330,134‌
206,509‌
3,451,337‌
Liabilities:
Payables:
Collateral
received
on
loaned
securities
—‌
—‌
23,634‌
Investments
purchased
—‌
—‌
1,315‌
Capital
shares
redeemed
391‌
—‌
(b)
1,690‌
Accrued
foreign
capital
gains
taxes
—‌
817‌
—‌
Accrued
expenses
and
other
payables:
Investment
advisory
fees
204‌
135‌
2,592‌
Administration
fees
15‌
9‌
151‌
Custodian
fees
3‌
20‌
80‌
Transfer
agent
fees
—‌
1‌
555‌
Sub-Transfer
agent
fees
83‌
1‌
341‌
Compliance
fees
—‌
(b)
—‌
(b)
3‌
Trustees'
fees
23‌
30‌
13‌
12b-1
fees
6‌
—‌
(b)
3‌
Other
accrued
expenses
27‌
44‌
145‌
Total
Liabilities
752‌
1,057‌
30,522‌
Commitments
and
contingencies
(Note
5
)
Net
Assets:
Capital
243,196‌
189,945‌
3,197,921‌
Total
accumulated
earnings/(loss)
86,186‌
15,507‌
222,894‌
Net
Assets
$
329,382‌
$
205,452‌
$
3,420,815‌
Net
Assets
Class
A
$
143,233‌
$
3,914‌
$
67,932‌
Class
C
2,520‌
—‌
1,638‌
Class
I
—‌
3,497‌
2,506,288‌
Class
R
7,719‌
—‌
—‌
Class
R6
68,441‌
190,329‌
128,508‌
Class
Y
107,469‌
7,712‌
716,449‌
Total
$
329,382‌
$
205,452‌
$
3,420,815‌
Shares
(unlimited
number
of
shares
authorized
with
a
par
value
of
$0.001
per
share):
Class
A
15,684‌
519‌
4,719‌
Class
C
280‌
—‌
117‌
Class
I
—‌
461‌
172,844‌
Class
R
1,198‌
—‌
—‌
Class
R6
4,966‌
24,934‌
8,818‌
Class
Y
8,411‌
1,025‌
49,652‌
Total
30,539‌
26,939‌
236,150‌
Net
asset
value,
offering
and
redemption
price
per
share:(c)
Class
A
$
9
.13‌
$
7
.54‌
$
14
.40‌
Class
C(d)
9
.01‌
—‌
13
.96‌
Class
I
—‌
7
.59‌
14
.50‌
Class
R
6
.44‌
—‌
—‌
Class
R6
13
.78‌
7
.63‌
14
.57‌
Class
Y
12
.78‌
7
.52‌
14
.43‌
Maximum
Sales
Charge
—
Class
A
5
.75‌
%
5
.75‌
%
5
.75‌
%
Maximum
offering
price
(100%/(100%-maximum
sales
charge)
of
net
asset
value
adjusted
to
the
nearest
cent)
per
share
—
Class
A
$
9
.69‌
$
8
.00‌
$
15
.28‌
(a)
Includes
$31,829
thousand
of
securities
on
loan.
(b)
Rounds
to
less
than
$1
thousand.
(c)
Per
share
amount
may
not
recalculate
due
to
rounding
of
net
assets
and/or
shares
outstanding.
(d)
Redemption
price
per
share
varies
by
length
of
time
shares
are
held.
Statements
of
Assets
and
Liabilities
December
31,
2023
70
See
notes
to
financial
statements.
Victory
Portfolios
(Amounts
in
Thousands,
Except
Per
Share
Amounts)
(Unaudited)
Victory
Total
Return
Bond
Fund
Assets:
Investments,
at
value
(Cost
$99,384)
$
98,087‌
(a)
Cash
130‌
Deposit
with
broker
for
futures
contracts
2‌
Receivables:
Interest
and
dividends
674‌
Capital
shares
issued
19‌
From
Adviser
11‌
Prepaid
expenses
26‌
Total
Assets
98,949‌
Liabilities:
Payables:
Collateral
received
on
loaned
securities
285‌
Capital
shares
redeemed
6‌
Accrued
expenses
and
other
payables:
Investment
advisory
fees
33‌
Administration
fees
5‌
Transfer
agent
fees
—‌
(b)
Sub-Transfer
agent
fees
6‌
Compliance
fees
—‌
(b)
Trustees'
fees
34‌
12b-1
fees
—‌
(b)
Other
accrued
expenses
18‌
Total
Liabilities
387‌
Commitments
and
contingencies
(Note
5
)
Net
Assets:
Capital
109,608‌
Total
accumulated
earnings/(loss)
(
11,046‌
)
Net
Assets
$
98,562‌
Net
Assets
Class
A
$
6,659‌
Class
C
105‌
Class
R6
25,760‌
Class
Y
66,038‌
Total
$
98,562‌
Shares
(unlimited
number
of
shares
authorized
with
a
par
value
of
$0.001
per
share):
Class
A
798‌
Class
C
12‌
Class
R6
3,077‌
Class
Y
7,891‌
Total
11,778‌
Net
asset
value,
offering
and
redemption
price
per
share:(c)
Class
A
$
8
.35‌
Class
C(d)
8
.42‌
Class
R6
8
.37‌
Class
Y
8
.37‌
Maximum
Sales
Charge
—
Class
A
2
.25‌
%
Maximum
offering
price
(100%/(100%-maximum
sales
charge)
of
net
asset
value
adjusted
to
the
nearest
cent)
per
share
—
Class
A
$
8
.54‌
(a)
Includes
$276
thousand
of
securities
on
loan.
(b)
Rounds
to
less
than
$1
thousand.
(c)
Per
share
amount
may
not
recalculate
due
to
rounding
of
net
assets
and/or
shares
outstanding.
(d)
Redemption
price
per
share
varies
by
length
of
time
shares
are
held.
Statements
of
Operations
For
the
Six
Months
Ended
December
31,
2023
71
See
notes
to
financial
statements.
Victory
Portfolios
(Amounts
in
Thousands)
(Unaudited)
Victory
Integrity
Discovery
Fund
Victory
Integrity
Mid-Cap
Value
Fund
Victory
Integrity
Small-Cap
Value
Fund
Investment
Income:
Dividends
$
554‌
$
3,300‌
$
19,056‌
Interest
20‌
83‌
327‌
Securities
lending
(net
of
fees)
4‌
—‌(a)
24‌
Foreign
tax
withholding
—‌
—‌
(1‌)
Total
Income
578‌
3,383‌
19,406‌
Expenses:
Investment
advisory
fees
296‌
1,189‌
6,562‌
Administration
fees
16‌
89‌
423‌
Sub-Administration
fees
9‌
9‌
9‌
12b-1
fees
—
Class
A
42‌
30‌
90‌
12b-1
fees
—
Class
C
4‌
—‌(a)
21‌
12b-1
fees
—
Class
R
1‌
—‌
12‌
Custodian
fees
2‌
7‌
33‌
Transfer
agent
fees
—
Class
A
8‌
8‌
9‌
Transfer
agent
fees
—
Class
C
—‌(a)
—‌
—‌(a)
Transfer
agent
fees
—
Class
R
—‌(a)
—‌
1‌
Transfer
agent
fees
—
Class
R6
—‌
8‌
26‌
Transfer
agent
fees
—
Class
Y
7‌
6‌
17‌
Transfer
agent
fees
—
Member
Class
4‌
3‌
—‌
Sub-Transfer
agent
fees
—
Class
A
18‌
19‌
71‌
Sub-Transfer
agent
fees
—
Class
C
1‌
—‌(a)
2‌
Sub-Transfer
agent
fees
—
Class
R
1‌
—‌
5‌
Sub-Transfer
agent
fees
—
Class
Y
16‌
35‌
373‌
Trustees'
fees
3‌
11‌
52‌
Compliance
fees
—‌(a)
1‌
7‌
Legal
and
audit
fees
6‌
12‌
43‌
State
registration
and
filing
fees
35‌
45‌
49‌
Other
expenses
14‌
29‌
95‌
Recoupment
of
prior
expenses
waived/reimbursed
by
Adviser
—‌(a)
—‌
—‌
Total
Expenses
483‌
1,501‌
7,900‌
Expenses
waived/reimbursed
by
Adviser
(21‌)
(456‌)
(6‌)
Net
Expenses
462‌
1,045‌
7,894‌
Net
Investment
Income
(Loss)
116‌
2,338‌
11,512‌
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
investment
securities
1,920‌
(2,151‌)
46,193‌
Net
change
in
unrealized
appreciation/depreciation
on
investment
securities
5,966‌
16,049‌
85,740‌
Net
realized/unrealized
gains
(losses)
on
investments
7,886‌
13,898‌
131,933‌
Change
in
net
assets
resulting
from
operations
$
8,002‌
$
16,236‌
$
143,445‌
(a)
Rounds
to
less
than
$1
thousand.
Statements
of
Operations
For
the
Six
Months
Ended
December
31,
2023
72
See
notes
to
financial
statements.
Victory
Portfolios
(Amounts
in
Thousands)
(Unaudited)
Victory
Integrity
Small/Mid-Cap
Value
Fund
Victory
Munder
Multi-Cap
Fund
Victory
S&P
500
Index
Fund
Investment
Income:
Dividends
$
3,187‌
$
2,197‌
$
1,957‌
Interest
112‌
101‌
44‌
Securities
lending
(net
of
fees)
4‌
3‌
3‌
Foreign
tax
withholding
—‌
—‌
—‌(a)
Total
Income
3,303‌
2,301‌
2,004‌
Expenses:
Investment
advisory
fees
1,137‌
1,538‌
242‌
Administration
fees
79‌
114‌
67‌
Sub-Administration
fees
9‌
9‌
10‌
12b-1
fees
—
Class
A
10‌
465‌
126‌
12b-1
fees
—
Class
C
—‌
8‌
—‌
12b-1
fees
—
Class
R
—‌
—‌
63‌
Custodian
fees
6‌
9‌
6‌
Transfer
agent
fees
—
Class
A
1‌
135‌
13‌
Transfer
agent
fees
—
Class
C
—‌
1‌
—‌
Transfer
agent
fees
—
Class
R
—‌
—‌
2‌
Transfer
agent
fees
—
Class
R6
2‌
—‌
—‌
Transfer
agent
fees
—
Class
Y
1‌
3‌
7‌
Transfer
agent
fees
—
Member
Class
6‌
—‌
—‌
Sub-Transfer
agent
fees
—
Class
A
7‌
186‌
41‌
Sub-Transfer
agent
fees
—
Class
C
—‌
1‌
—‌
Sub-Transfer
agent
fees
—
Class
R
—‌
—‌
—‌(a)
Sub-Transfer
agent
fees
—
Class
Y
14‌
13‌
23‌
Trustees'
fees
10‌
14‌
9‌
Compliance
fees
1‌
2‌
1‌
Legal
and
audit
fees
12‌
15‌
11‌
State
registration
and
filing
fees
52‌
26‌
26‌
Other
expenses
34‌
40‌
29‌
Total
Expenses
1,381‌
2,579‌
676‌
Expenses
waived/reimbursed
by
Adviser
(175‌)
(6‌)
—‌
Net
Expenses
1,206‌
2,573‌
676‌
Net
Investment
Income
(Loss)
2,097‌
(272‌)
1,328‌
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
investment
securities
(268‌)
20,998‌
3,289‌
Net
realized
gains
(losses)
from
futures
contracts
—‌
—‌
44‌
Net
change
in
unrealized
appreciation/depreciation
on
investment
securities
14,190‌
3,594‌
13,630‌
Net
change
in
unrealized
appreciation/depreciation
on
futures
contracts
—‌
—‌
(30‌)
Net
realized/unrealized
gains
(losses)
on
investments
13,922‌
24,592‌
16,933‌
Change
in
net
assets
resulting
from
operations
$
16,019‌
$
24,320‌
$
18,261‌
(a)
Rounds
to
less
than
$1
thousand.
Statements
of
Operations
For
the
Six
Months
Ended
December
31,
2023
73
See
notes
to
financial
statements.
Victory
Portfolios
(Amounts
in
Thousands)
(Unaudited)
Victory
Munder
Mid-Cap
Core
Growth
Fund
Victory
Trivalent
International
Fund
-
Core
Equity
Victory
Trivalent
International
Small-Cap
Fund
Investment
Income:
Dividends
$
1,423‌
$
2,631‌
$
29,621‌
Interest
16‌
30‌
500‌
Securities
lending
(net
of
fees)
—‌
14‌
128‌
Foreign
tax
withholding
(2‌)
(327‌)
(3,217‌)(a)
Total
Income
1,437‌
2,348‌
27,032‌
Expenses:
Investment
advisory
fees
1,237‌
785‌
13,772‌
Administration
fees
91‌
54‌
833‌
Sub-Administration
fees
9‌
9‌
9‌
12b-1
fees
—
Class
A
176‌
5‌
83‌
12b-1
fees
—
Class
C
14‌
—‌
9‌
12b-1
fees
—
Class
R
19‌
—‌
—‌
Custodian
fees
8‌
39‌
235‌
Transfer
agent
fees
—
Class
A
15‌
2‌
5‌
Transfer
agent
fees
—
Class
C
—‌(b)
—‌
—‌(b)
Transfer
agent
fees
—
Class
I
—‌
—‌(b)
903‌
Transfer
agent
fees
—
Class
R
1‌
—‌
—‌
Transfer
agent
fees
—
Class
R6
2‌
1‌
2‌
Transfer
agent
fees
—
Class
Y
6‌
—‌(b)
34‌
Sub-Transfer
agent
fees
—
Class
A
108‌
2‌
130‌
Sub-Transfer
agent
fees
—
Class
C
3‌
—‌(b)
1‌
Sub-Transfer
agent
fees
—
Class
I
—‌
1‌
890‌
Sub-Transfer
agent
fees
—
Class
R
9‌
—‌
—‌
Sub-Transfer
agent
fees
—
Class
Y
66‌
—‌(b)
463‌
Trustees'
fees
12‌
7‌
99‌
Compliance
fees
2‌
1‌
14‌
Legal
and
audit
fees
13‌
29‌
127‌
State
registration
and
filing
fees
36‌
28‌
77‌
Other
expenses
32‌
26‌
203‌
Total
Expenses
1,859‌
989‌
17,889‌
Expenses
waived/reimbursed
by
Adviser
(14‌)
(437‌)
(2,895‌)
Net
Expenses
1,845‌
552‌
14,994‌
Net
Investment
Income
(Loss)
(408‌)
1,796‌
12,038‌
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
investment
securities
and
foreign
currency
transactions
5,949‌
(169‌)
(24,317‌)
Foreign
taxes
on
realized
gains
—‌
(16‌)
—‌
Net
change
in
unrealized
appreciation/depreciation
on
investment
securities
and
foreign
currency
translations
14,839‌
12,209‌
208,935‌
Net
change
in
accrued
foreign
taxes
on
unrealized
gains
—‌
(562‌)
—‌
Net
realized/unrealized
gains
(losses)
on
investments
20,788‌
11,462‌
184,618‌
Change
in
net
assets
resulting
from
operations
$
20,380‌
$
13,258‌
$
196,656‌
(a)
Includes
European
Union
("EU")
reclaims
of
$292
thousand.
See
Foreign
Taxes
in
Item
2
of
the
accompanying
Notes
to
Financial
Statements.
(b)
Rounds
to
less
than
$1
thousand.
Statements
of
Operations
For
the
Six
Months
Ended
December
31,
2023
74
See
notes
to
financial
statements.
Victory
Portfolios
(Amounts
in
Thousands)
(Unaudited)
Victory
Total
Return
Bond
Fund
Investment
Income:
Dividends
$
11‌
Interest
1,365‌
Securities
lending
(net
of
fees)
2‌
Total
Income
1,378‌
Expenses:
Investment
advisory
fees
138‌
Administration
fees
19‌
Sub-Administration
fees
11‌
12b-1
fees
—
Class
A
8‌
12b-1
fees
—
Class
C
1‌
Custodian
fees
2‌
Transfer
agent
fees
—
Class
A
4‌
Transfer
agent
fees
—
Class
C
—‌(a)
Transfer
agent
fees
—
Class
R6
—‌(a)
Transfer
agent
fees
—
Class
Y
1‌
Sub-Transfer
agent
fees
—
Class
A
4‌
Sub-Transfer
agent
fees
—
Class
C
—‌(a)
Sub-Transfer
agent
fees
—
Class
Y
4‌
Trustees'
fees
2‌
Compliance
fees
—‌(a)
Legal
and
audit
fees
8‌
State
registration
and
filing
fees
34‌
Other
expenses
18‌
Recoupment
of
prior
expenses
waived/reimbursed
by
Adviser
3‌
Total
Expenses
257‌
Expenses
waived/reimbursed
by
Adviser
(44‌)
Net
Expenses
213‌
Net
Investment
Income
(Loss)
1,165‌
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
investment
securities
(729‌)
Net
realized
gains
(losses)
from
futures
contracts
(727‌)
Net
realized
gains
(losses)
from
swap
agreements
35‌
Net
change
in
unrealized
appreciation/depreciation
on
investment
securities
3,461‌
Net
change
in
unrealized
appreciation/depreciation
on
futures
contracts
88‌
Net
change
in
unrealized
appreciation/depreciation
on
swap
agreements
(28‌)
Net
realized/unrealized
gains
(losses)
on
investments
2,100‌
Change
in
net
assets
resulting
from
operations
$
3,265‌
(a)
Rounds
to
less
than
$1
thousand.
75
(Amounts
in
Thousands)
Victory
Portfolios
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
Victory
Integrity
Discovery
Fund
Victory
Integrity
Mid-Cap
Value
Fund
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
From
Investment
Activities:
Operations:
Net
Investment
Income
(Loss)
$
116‌
$
278‌
$
2,338‌
$
3,612‌
Net
realized
gains
(losses)
1,920‌
475‌
(
2,151‌
)
8,969‌
Net
change
in
unrealized
appreciation/depreciation
5,966‌
2,896‌
16,049‌
26,711‌
Change
in
net
assets
resulting
from
operations
8,002‌
3,649‌
16,236‌
39,292‌
Distributions
to
Shareholders:
Class
A
(
496‌
)
(
3,129‌
)
(
708‌
)
(
1,253‌
)
Class
C
(
10‌
)
(
160‌
)
(
2‌
)
(
5‌
)
Class
R
(
7‌
)
(
56‌
)
—‌
—‌
Class
R6
—‌
—‌
(
7,650‌
)
(
12,878‌
)
Class
Y
(
313‌
)
(
1,946‌
)
(
1,818‌
)
(
2,954‌
)
Member
Class
(
56‌
)
(
290‌
)
(
94‌
)
(
156‌
)
Change
in
net
assets
resulting
from
distributions
to
shareholders
(
882‌
)
(
5,581‌
)
(
10,272‌
)
(
17,246‌
)
Change
in
net
assets
resulting
from
capital
transactions
(
3,329‌
)
(
3,412‌
)
2,452‌
22,680‌
Change
in
net
assets
3,791‌
(
5,344‌
)
8,416‌
44,726‌
Net
Assets:
Beginning
of
period
59,590‌
64,934‌
320,586‌
275,860‌
End
of
period
$
63,381‌
$
59,590‌
$
329,002‌
$
320,586‌
76
(Amounts
in
Thousands)
Victory
Portfolios
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
Victory
Integrity
Discovery
Fund
Victory
Integrity
Mid-Cap
Value
Fund
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Capital
Transactions:
Class
A
Proceeds
from
shares
issued
$
550‌
$
1,584‌
$
1,978‌
$
8,353‌
Distributions
reinvested
408‌
2,607‌
697‌
1,230‌
Cost
of
shares
redeemed
(
2,703‌
)
(
5,092‌
)
(
3,135‌
)
(
6,039‌
)
Total
Class
A
$
(
1,745‌
)
$
(
901‌
)
$
(
460‌
)
$
3,544‌
Class
C
Proceeds
from
shares
issued
$
27‌
$
19‌
$
—‌
(a)
$
5‌
Distributions
reinvested
10‌
153‌
2‌
5‌
Cost
of
shares
redeemed
(
271‌
)
(
477‌
)
(
11‌
)
(
1‌
)
Total
Class
C
$
(
234‌
)
$
(
305‌
)
$
(
9‌
)
$
9‌
Class
R
Proceeds
from
shares
issued
$
18‌
$
37‌
$
—‌
$
—‌
Distributions
reinvested
7‌
55‌
—‌
—‌
Cost
of
shares
redeemed
(
60‌
)
(
252‌
)
—‌
—‌
Total
Class
R
$
(
35‌
)
$
(
160‌
)
$
—‌
$
—‌
Class
R6
Proceeds
from
shares
issued
$
—‌
$
—‌
$
18,080‌
$
48,270‌
Distributions
reinvested
—‌
—‌
7,642‌
12,864‌
Cost
of
shares
redeemed
—‌
—‌
(
22,482‌
)
(
52,871‌
)
Total
Class
R6
$
—‌
$
—‌
$
3,240‌
$
8,263‌
Class
Y
Proceeds
from
shares
issued
$
4,088‌
$
2,936‌
$
6,916‌
$
23,769‌
Distributions
reinvested
261‌
1,656‌
1,794‌
2,929‌
Cost
of
shares
redeemed
(
5,567‌
)
(
6,915‌
)
(
8,709‌
)
(
16,952‌
)
Total
Class
Y
$
(
1,218‌
)
$
(
2,323‌
)
$
1‌
$
9,746‌
Member
Class
Proceeds
from
shares
issued
$
354‌
$
757‌
$
443‌
$
1,971‌
Distributions
reinvested
56‌
290‌
94‌
156‌
Cost
of
shares
redeemed
(
507‌
)
(
770‌
)
(
857‌
)
(
1,009‌
)
Total
Member
Class
$
(
97‌
)
$
277‌
$
(
320‌
)
$
1,118‌
Change
in
net
assets
resulting
from
capital
transactions
$
(
3,329‌
)
$
(
3,412‌
)
$
2,452‌
$
22,680‌
77
(Amounts
in
Thousands)
Victory
Portfolios
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
Victory
Integrity
Discovery
Fund
Victory
Integrity
Mid-Cap
Value
Fund
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Share
Transactions:
Class
A
Issued
16‌
43‌
88‌
386‌
Reinvested
11‌
72‌
31‌
56‌
Redeemed
(
74‌
)
(
138‌
)
(
140‌
)
(
277‌
)
Total
Class
A
(
47‌
)
(
23‌
)
(
21‌
)
165‌
Class
C
Issued
1‌
1‌
—‌
(b)
—‌
(b)
Reinvested
—‌
(b)
7‌
—‌
(b)
—‌
(b)
Redeemed
(
12‌
)
(
21‌
)
—‌
(b)
—‌
(b)
Total
Class
C
(
11‌
)
(
13‌
)
—‌
(b)
—‌
(b)
Class
R
Issued
1‌
1‌
—‌
—‌
Reinvested
—‌
(b)
2‌
—‌
—‌
Redeemed
(
2‌
)
(
8‌
)
—‌
—‌
Total
Class
R
(
1‌
)
(
5‌
)
—‌
—‌
Class
R6
Issued
—‌
—‌
803‌
2,151‌
Reinvested
—‌
—‌
330‌
582‌
Redeemed
—‌
—‌
(
981‌
)
(
2,376‌
)
Total
Class
R6
—‌
—‌
152‌
357‌
Class
Y
Issued
106‌
71‌
304‌
1,068‌
Reinvested
6‌
40‌
78‌
133‌
Redeemed
(
137‌
)
(
174‌
)
(
382‌
)
(
763‌
)
Total
Class
Y
(
25‌
)
(
63‌
)
—‌
(b)
438‌
Member
Class
Issued
10‌
21‌
18‌
88‌
Reinvested
1‌
8‌
4‌
7‌
Redeemed
(
14‌
)
(
22‌
)
(
38‌
)
(
45‌
)
Total
Member
Class
(
3‌
)
7‌
(
16‌
)
50‌
Change
in
Shares
(
87‌
)
(
97‌
)
115‌
1,010‌
(a)
Rounds
to
less
than
$1
thousand.
(b)
Rounds
to
less
than
1
thousand
shares.
78
(Amounts
in
Thousands)
Victory
Portfolios
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
Victory
Integrity
Small-Cap
Value
Fund
Victory
Integrity
Small/Mid-
Cap
Value
Fund
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
From
Investment
Activities:
Operations:
Net
Investment
Income
(Loss)
$
11,512‌
$
16,782‌
$
2,097‌
$
2,766‌
Net
realized
gains
(losses)
46,193‌
117,836‌
(
268‌
)
4,519‌
Net
change
in
unrealized
appreciation/depreciation
85,740‌
96,878‌
14,190‌
26,148‌
Change
in
net
assets
resulting
from
operations
143,445‌
231,496‌
16,019‌
33,433‌
Distributions
to
Shareholders:
Class
A
(
7,309‌
)
(
9,004‌
)
(
182‌
)
(
695‌
)
Class
C
(
453‌
)
(
785‌
)
—‌
—‌
Class
R
(
534‌
)
(
629‌
)
—‌
—‌
Class
R6
(
72,046‌
)
(
92,441‌
)
(
5,824‌
)
(
15,351‌
)
Class
Y
(
65,250‌
)
(
80,175‌
)
(
1,000‌
)
(
4,396‌
)
Member
Class
—‌
—‌
(
130‌
)
(
528‌
)
Change
in
net
assets
resulting
from
distributions
to
shareholders
(
145,592‌
)
(
183,034‌
)
(
7,136‌
)
(
20,970‌
)
Change
in
net
assets
resulting
from
capital
transactions
(
32,818‌
)
126,018‌
32,540‌
29,977‌
Change
in
net
assets
(
34,965‌
)
174,480‌
41,423‌
42,440‌
Net
Assets:
Beginning
of
period
1,576,987‌
1,402,507‌
252,974‌
210,534‌
End
of
period
$
1,542,022‌
$
1,576,987‌
$
294,397‌
$
252,974‌
79
(Amounts
in
Thousands)
Victory
Portfolios
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
Victory
Integrity
Small-Cap
Value
Fund
Victory
Integrity
Small/Mid-
Cap
Value
Fund
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Capital
Transactions:
Class
A
Proceeds
from
shares
issued
$
4,195‌
$
7,120‌
$
952‌
$
1,248‌
Distributions
reinvested
6,568‌
8,139‌
182‌
695‌
Cost
of
shares
redeemed
(
6,303‌
)
(
14,907‌
)
(
866‌
)
(
1,415‌
)
Total
Class
A
$
4,460‌
$
352‌
$
268‌
$
528‌
Class
C
Proceeds
from
shares
issued
$
312‌
$
278‌
$
—‌
$
—‌
Distributions
reinvested
437‌
772‌
—‌
—‌
Cost
of
shares
redeemed
(
1,255‌
)
(
1,932‌
)
—‌
—‌
Total
Class
C
$
(
506‌
)
$
(
882‌
)
$
—‌
$
—‌
Class
R
Proceeds
from
shares
issued
$
847‌
$
590‌
$
—‌
$
—‌
Distributions
reinvested
527‌
621‌
—‌
—‌
Cost
of
shares
redeemed
(
487‌
)
(
1,341‌
)
—‌
—‌
Total
Class
R
$
887‌
$
(
130‌
)
$
—‌
$
—‌
Class
R6
Proceeds
from
shares
issued
$
71,061‌
$
150,916‌
$
67,064‌
$
57,194‌
Distributions
reinvested
70,422‌
89,377‌
5,525‌
15,313‌
Cost
of
shares
redeemed
(
145,872‌
)
(
211,328‌
)
(
35,623‌
)
(
42,597‌
)
Total
Class
R6
$
(
4,389‌
)
$
28,965‌
$
36,966‌
$
29,910‌
Class
Y
Proceeds
from
shares
issued
$
43,341‌
$
137,768‌
$
11,839‌
$
4,568‌
Distributions
reinvested
62,140‌
76,277‌
884‌
2,880‌
Cost
of
shares
redeemed
(
138,751‌
)
(
116,332‌
)
(
17,000‌
)
(
8,628‌
)
Total
Class
Y
$
(
33,270‌
)
$
97,713‌
$
(
4,277‌
)
$
(
1,180‌
)
Member
Class
Proceeds
from
shares
issued
$
—‌
$
—‌
$
585‌
$
1,426‌
Distributions
reinvested
—‌
—‌
130‌
528‌
Cost
of
shares
redeemed
—‌
—‌
(
1,132‌
)
(
1,235‌
)
Total
Member
Class
$
—‌
$
—‌
$
(
417‌
)
$
719‌
Change
in
net
assets
resulting
from
capital
transactions
$
(
32,818‌
)
$
126,018‌
$
32,540‌
$
29,977‌
80
(Amounts
in
Thousands)
Victory
Portfolios
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
Victory
Integrity
Small-Cap
Value
Fund
Victory
Integrity
Small/Mid-
Cap
Value
Fund
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Share
Transactions:
Class
A
Issued
127‌
215‌
46‌
62‌
Reinvested
203‌
257‌
9‌
35‌
Redeemed
(
189‌
)
(
449‌
)
(
43‌
)
(
70‌
)
Total
Class
A
141‌
23‌
12‌
27‌
Class
C
Issued
13‌
11‌
—‌
—‌
Reinvested
18‌
31‌
—‌
—‌
Redeemed
(
49‌
)
(
74‌
)
—‌
—‌
Total
Class
C
(
18‌
)
(
32‌
)
—‌
—‌
Class
R
Issued
29‌
19‌
—‌
—‌
Reinvested
17‌
21‌
—‌
—‌
Redeemed
(
16‌
)
(
44‌
)
—‌
—‌
Total
Class
R
30‌
(
4‌
)
—‌
—‌
Class
R6
Issued
2,008‌
4,367‌
3,223‌
2,811‌
Reinvested
2,040‌
2,652‌
258‌
762‌
Redeemed
(
4,171‌
)
(
6,039‌
)
(
1,703‌
)
(
2,065‌
)
Total
Class
R6
(
123‌
)
980‌
1,778‌
1,508‌
Class
Y
Issued
1,242‌
4,010‌
568‌
223‌
Reinvested
1,818‌
2,284‌
41‌
144‌
Redeemed
(
4,015‌
)
(
3,372‌
)
(
830‌
)
(
421‌
)
Total
Class
Y
(
955‌
)
2,922‌
(
221‌
)
(
54‌
)
Member
Class
Issued
—‌
—‌
29‌
71‌
Reinvested
—‌
—‌
6‌
26‌
Redeemed
—‌
—‌
(
55‌
)
(
62‌
)
Total
Member
Class
—‌
—‌
(
20‌
)
35‌
Change
in
Shares
(
925‌
)
3,889‌
1,549‌
1,516‌
81
(Amounts
in
Thousands)
Victory
Portfolios
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
Victory
Munder
Multi-Cap
Fund
Victory
S&P
500
Index
Fund
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
From
Investment
Activities:
Operations:
Net
Investment
Income
(Loss)
$
(
272‌
)
$
133‌
$
1,328‌
$
2,522‌
Net
realized
gains
(losses)
20,998‌
19,685‌
3,333‌
16,916‌
Net
change
in
unrealized
appreciation/depreciation
3,594‌
56,497‌
13,600‌
19,598‌
Change
in
net
assets
resulting
from
operations
24,320‌
76,315‌
18,261‌
39,036‌
Distributions
to
Shareholders:
Class
A
(
17,099‌
)
(
45,029‌
)
(
9,042‌
)
(
11,915‌
)
Class
C
(
87‌
)
(
600‌
)
—‌
—‌
Class
R
—‌
—‌
(
1,437‌
)
(
1,359‌
)
Class
Y
(
1,545‌
)
(
3,974‌
)
(
2,610‌
)
(
3,448‌
)
Change
in
net
assets
resulting
from
distributions
to
shareholders
(
18,731‌
)
(
49,603‌
)
(
13,089‌
)
(
16,722‌
)
Change
in
net
assets
resulting
from
capital
transactions
519‌
15,617‌
10,578‌
(
6,311‌
)
Change
in
net
assets
6,108‌
42,329‌
15,750‌
16,003‌
Net
Assets:
Beginning
of
period
413,212‌
370,883‌
239,232‌
223,229‌
End
of
period
$
419,320‌
$
413,212‌
$
254,982‌
$
239,232‌
82
(Amounts
in
Thousands)
Victory
Portfolios
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
Victory
Munder
Multi-Cap
Fund
Victory
S&P
500
Index
Fund
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Capital
Transactions:
Class
A
Proceeds
from
shares
issued
$
4,089‌
$
10,059‌
$
3,981‌
$
5,516‌
Distributions
reinvested
14,840‌
38,858‌
7,719‌
10,273‌
Cost
of
shares
redeemed
(
16,262‌
)
(
31,865‌
)
(
8,001‌
)
(
19,727‌
)
Total
Class
A
$
2,667‌
$
17,052‌
$
3,699‌
$
(
3,938‌
)
Class
C
Proceeds
from
shares
issued
$
21‌
$
187‌
$
—‌
$
—‌
Distributions
reinvested
85‌
555‌
—‌
—‌
Cost
of
shares
redeemed
(
1,400‌
)
(
1,358‌
)
—‌
—‌
Total
Class
C
$
(
1,294‌
)
$
(
616‌
)
$
—‌
$
—‌
Class
R
Proceeds
from
shares
issued
$
—‌
$
—‌
$
8,494‌
$
6,074‌
Distributions
reinvested
—‌
—‌
1,437‌
1,359‌
Cost
of
shares
redeemed
—‌
—‌
(
3,457‌
)
(
5,404‌
)
Total
Class
R
$
—‌
$
—‌
$
6,474‌
$
2,029‌
Class
Y
Proceeds
from
shares
issued
$
1,848‌
$
13,017‌
$
2,928‌
$
4,797‌
Distributions
reinvested
1,361‌
3,299‌
2,604‌
3,439‌
Cost
of
shares
redeemed
(
4,063‌
)
(
17,135‌
)
(
5,127‌
)
(
12,638‌
)
Total
Class
Y
$
(
854‌
)
$
(
819‌
)
$
405‌
$
(
4,402‌
)
Change
in
net
assets
resulting
from
capital
transactions
$
519‌
$
15,617‌
$
10,578‌
$
(
6,311‌
)
Share
Transactions:
Class
A
Issued
88‌
231‌
170‌
255‌
Reinvested
319‌
948‌
327‌
487‌
Redeemed
(
349‌
)
(
726‌
)
(
344‌
)
(
909‌
)
Total
Class
A
58‌
453‌
153‌
(
167‌
)
Class
C
Issued
—‌
(a)
6‌
—‌
—‌
Reinvested
3‌
20‌
—‌
—‌
Redeemed
(
44‌
)
(
46‌
)
—‌
—‌
Total
Class
C
(
41‌
)
(
20‌
)
—‌
—‌
Class
R
Issued
—‌
—‌
365‌
279‌
Reinvested
—‌
—‌
61‌
65‌
Redeemed
—‌
—‌
(
150‌
)
(
249‌
)
Total
Class
R
—‌
—‌
276‌
95‌
Class
Y
Issued
35‌
251‌
125‌
219‌
Reinvested
26‌
71‌
109‌
161‌
Redeemed
(
78‌
)
(
338‌
)
(
218‌
)
(
581‌
)
Total
Class
Y
(
17‌
)
(
16‌
)
16‌
(
201‌
)
Change
in
Shares
—‌
417‌
445‌
(
273‌
)
83
(Amounts
in
Thousands)
Victory
Portfolios
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
Victory
Munder
Mid-Cap
Core
Growth
Fund
Victory
Trivalent
International
Fund
-
Core
Equity
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
From
Investment
Activities:
Operations:
Net
Investment
Income
(Loss)
$
(
408‌
)
$
(
377‌
)
$
1,796‌
$
5,056‌
Net
realized
gains
(losses)
5,949‌
14,944‌
(
185‌
)
(
3,825‌
)
Net
change
in
unrealized
appreciation/depreciation
14,839‌
24,517‌
11,647‌
26,700‌
Change
in
net
assets
resulting
from
operations
20,380‌
39,084‌
13,258‌
27,931‌
Distributions
to
Shareholders:
Class
A
(
8,665‌
)
(
21,797‌
)
(
134‌
)
(
94‌
)
Class
C
(
152‌
)
(
596‌
)
—‌
(
1‌
)
(a)
Class
I
—‌
—‌
(
129‌
)
(
121‌
)
Class
R
(
644‌
)
(
1,656‌
)
—‌
—‌
Class
R6
(
2,796‌
)
(
7,118‌
)
(
7,030‌
)
(
4,717‌
)
Class
Y
(
5,138‌
)
(
12,924‌
)
(
279‌
)
(
175‌
)
Change
in
net
assets
resulting
from
distributions
to
shareholders
(
17,395‌
)
(
44,091‌
)
(
7,572‌
)
(
5,108‌
)
Change
in
net
assets
resulting
from
capital
transactions
(
21,107‌
)
(
11,409‌
)
4,784‌
(
14,472‌
)
Change
in
net
assets
(
18,122‌
)
(
16,416‌
)
10,470‌
8,351‌
Net
Assets:
Beginning
of
period
347,504‌
363,920‌
194,982‌
186,631‌
End
of
period
$
329,382‌
$
347,504‌
$
205,452‌
$
194,982‌
(a)
Class
C
activity
is
for
the
period
July
1,
2022,
to
December
28,
2022
(date
of
termination).
84
(Amounts
in
Thousands)
Victory
Portfolios
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
Victory
Munder
Mid-Cap
Core
Growth
Fund
Victory
Trivalent
International
Fund
-
Core
Equity
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Capital
Transactions:
Class
A
Proceeds
from
shares
issued
$
3,705‌
$
8,466‌
$
32‌
$
191‌
Distributions
reinvested
8,024‌
20,204‌
114‌
81‌
Cost
of
shares
redeemed
(
16,289‌
)
(
33,142‌
)
(
111‌
)
(
1,141‌
)
Total
Class
A
$
(
4,560‌
)
$
(
4,472‌
)
$
35‌
$
(
869‌
)
Class
C
Proceeds
from
shares
issued
$
4‌
$
77‌
$
—‌
$
1‌
(a)
Distributions
reinvested
152‌
595‌
—‌
1‌
(a)
Cost
of
shares
redeemed
(
1,374‌
)
(
1,445‌
)
—‌
(
73‌
)
(a)
Total
Class
C
$
(
1,218‌
)
$
(
773‌
)
$
—‌
$
(
71‌
)
Class
I
Proceeds
from
shares
issued
$
—‌
$
—‌
$
43‌
$
2,107‌
Distributions
reinvested
—‌
—‌
129‌
121‌
Cost
of
shares
redeemed
—‌
—‌
(
154‌
)
(
2,101‌
)
Total
Class
I
$
—‌
$
—‌
$
18‌
$
127‌
Class
R
Proceeds
from
shares
issued
$
362‌
$
998‌
$
—‌
$
—‌
Distributions
reinvested
643‌
1,652‌
—‌
—‌
Cost
of
shares
redeemed
(
876‌
)
(
2,963‌
)
—‌
—‌
Total
Class
R
$
129‌
$
(
313‌
)
$
—‌
$
—‌
Class
R6
Proceeds
from
shares
issued
$
3,558‌
$
9,447‌
$
156‌
$
604‌
Distributions
reinvested
2,793‌
7,099‌
7,030‌
4,718‌
Cost
of
shares
redeemed
(
8,245‌
)
(
19,027‌
)
(
2,351‌
)
(
19,148‌
)
Total
Class
R6
$
(
1,894‌
)
$
(
2,481‌
)
$
4,835‌
$
(
13,826‌
)
Class
Y
Proceeds
from
shares
issued
$
1,831‌
$
6,970‌
$
41‌
$
78‌
Distributions
reinvested
5,018‌
12,623‌
245‌
154‌
Cost
of
shares
redeemed
(
20,413‌
)
(
22,963‌
)
(
390‌
)
(
67‌
)
Total
Class
Y
$
(
13,564‌
)
$
(
3,370‌
)
$
(
104‌
)
$
165‌
Change
in
net
assets
resulting
from
capital
transactions
$
(
21,107‌
)
$
(
11,409‌
)
$
4,784‌
$
(
14,474‌
)
85
(Amounts
in
Thousands)
Victory
Portfolios
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
Victory
Munder
Mid-Cap
Core
Growth
Fund
Victory
Trivalent
International
Fund
-
Core
Equity
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Share
Transactions:
Class
A
Issued
413‌
905‌
5‌
28‌
Reinvested
901‌
2,278‌
15‌
12‌
Redeemed
(
1,810‌
)
(
3,535‌
)
(
15‌
)
(
162‌
)
Total
Class
A
(
496‌
)
(
352‌
)
5‌
(
122‌
)
Class
C
Issued
—‌
(b)
9‌
(c)
—‌
—‌
(a)
(b)
Reinvested
17‌
67‌
(c)
—‌
—‌
(a)
(b)
Redeemed
(
154‌
)
(
153‌
)
(c)
—‌
(
11‌
)
(a)
Total
Class
C
(
137‌
)
(
77‌
)
—‌
(
11‌
)
Class
I
Issued
—‌
—‌
6‌
326‌
Reinvested
—‌
—‌
17‌
18‌
Redeemed
—‌
—‌
(
21‌
)
(
318‌
)
Total
Class
I
—‌
—‌
2‌
26‌
Class
R
Issued
56‌
147‌
—‌
—‌
Reinvested
102‌
257‌
—‌
—‌
Redeemed
(
136‌
)
(
448‌
)
—‌
—‌
Total
Class
R
22‌
(
44‌
)
—‌
—‌
Class
R6
Issued
268‌
702‌
21‌
88‌
Reinvested
208‌
544‌
934‌
707‌
Redeemed
(
621‌
)
(
1,410‌
)
(
313‌
)
(
2,712‌
)
Total
Class
R6
(
145‌
)
(
164‌
)
642‌
(
1,917‌
)
Class
Y
Issued
149‌
560‌
5‌
11‌
Reinvested
402‌
1,038‌
33‌
23‌
Redeemed
(
1,642‌
)
(
1,828‌
)
(
55‌
)
(
10‌
)
Total
Class
Y
(
1,091‌
)
(
230‌
)
(
17‌
)
24‌
Change
in
Shares
(
1,847‌
)
(
867‌
)
632‌
(
2,000‌
)
(a)
Class
C
activity
is
for
the
period
July
1,
2022,
to
December
28,
2022
(date
of
termination).
(b)
Rounds
to
less
than
1
thousand
shares.
(c)
As
described
in
Note
9
in
the
Notes
to
Financial
Statements,
Victory
Munder
Mid-Cap
Core
Growth
Fund
Class
C
share
amounts
have
been
adjusted
for
a
1:9
reverse
stock
split.
86
(Amounts
in
Thousands)
Victory
Portfolios
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
Victory
Trivalent
International
Small-Cap
Fund
Victory
Total
Return
Bond
Fund
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
From
Investment
Activities:
Operations:
Net
Investment
Income
(Loss)
$
12,038‌
$
52,072‌
$
1,165‌
$
1,618‌
Net
realized
gains
(losses)
(
24,317‌
)
(
286,333‌
)
(
1,421‌
)
(
2,408‌
)
Net
change
in
unrealized
appreciation/depreciation
208,935‌
594,838‌
3,521‌
279‌
Change
in
net
assets
resulting
from
operations
196,656‌
360,577‌
3,265‌
(
511‌
)
Distributions
to
Shareholders:
Class
A
(
1,036‌
)
(
471‌
)
(
113‌
)
(
236‌
)
Class
C
(
9‌
)
—‌
(
2‌
)
(
3‌
)
Class
I
(
46,869‌
)
(
20,069‌
)
—‌
—‌
Class
R6
(
2,308‌
)
(
1,210‌
)
(
464‌
)
(
839‌
)
Class
Y
(
12,595‌
)
(
7,073‌
)
(
726‌
)
(
915‌
)
Change
in
net
assets
resulting
from
distributions
to
shareholders
(
62,817‌
)
(
28,823‌
)
(
1,305‌
)
(
1,993‌
)
Change
in
net
assets
resulting
from
capital
transactions
388,564‌
16,106‌
33,274‌
5,769‌
Change
in
net
assets
522,403‌
347,860‌
35,234‌
3,265‌
Net
Assets:
Beginning
of
period
2,898,412‌
2,550,552‌
63,328‌
60,063‌
End
of
period
$
3,420,815‌
$
2,898,412‌
$
98,562‌
$
63,328‌
87
(Amounts
in
Thousands)
Victory
Portfolios
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
Victory
Trivalent
International
Small-Cap
Fund
Victory
Total
Return
Bond
Fund
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Capital
Transactions:
Class
A
Proceeds
from
shares
issued
$
6,643‌
$
13,327‌
$
106‌
$
4,659‌
Distributions
reinvested
840‌
352‌
99‌
209‌
Cost
of
shares
redeemed
(
12,708‌
)
(
15,174‌
)
(
562‌
)
(
5,127‌
)
Total
Class
A
$
(
5,225‌
)
$
(
1,495‌
)
$
(
357‌
)
$
(
259‌
)
Class
C
Proceeds
from
shares
issued
$
10‌
$
70‌
$
2‌
$
24‌
Distributions
reinvested
8‌
—‌
2‌
3‌
Cost
of
shares
redeemed
(
634‌
)
(
1,464‌
)
(
43‌
)
(
40‌
)
Total
Class
C
$
(
616‌
)
$
(
1,394‌
)
$
(
39‌
)
$
(
13‌
)
Class
I
Proceeds
from
shares
issued
$
725,886‌
$
682,120‌
$
—‌
$
—‌
Distributions
reinvested
37,173‌
14,436‌
—‌
—‌
Cost
of
shares
redeemed
(
274,790‌
)
(
658,538‌
)
—‌
—‌
Total
Class
I
$
488,269‌
$
38,018‌
$
—‌
$
—‌
Class
R6
Proceeds
from
shares
issued
$
11,157‌
$
31,334‌
$
100‌
$
5,503‌
Distributions
reinvested
2,048‌
1,152‌
464‌
839‌
Cost
of
shares
redeemed
(
9,475‌
)
(
48,153‌
)
(
1,371‌
)
(
2,959‌
)
Total
Class
R6
$
3,730‌
$
(
15,667‌
)
$
(
807‌
)
$
3,383‌
Class
Y
Proceeds
from
shares
issued
$
51,439‌
$
316,122‌
$
39,832‌
$
3,485‌
Distributions
reinvested
12,166‌
6,864‌
601‌
674‌
Cost
of
shares
redeemed
(
161,199‌
)
(
326,342‌
)
(
5,956‌
)
(
1,501‌
)
Total
Class
Y
$
(
97,594‌
)
$
(
3,356‌
)
$
34,477‌
$
2,658‌
Change
in
net
assets
resulting
from
capital
transactions
$
388,564‌
$
16,106‌
$
33,274‌
$
5,769‌
Share
Transactions:
Class
A
Issued
482‌
1,038‌
14‌
562‌
Reinvested
59‌
28‌
12‌
25‌
Redeemed
(
932‌
)
(
1,184‌
)
(
70‌
)
(
616‌
)
Total
Class
A
(
391‌
)
(
118‌
)
(
44‌
)
(
29‌
)
Class
C
Issued
—‌
(a)
6‌
—‌
(a)
3‌
Reinvested
1‌
—‌
—‌
(a)
—‌
(a)
Redeemed
(
48‌
)
(
116‌
)
(
5‌
)
(
5‌
)
Total
Class
C
(
47‌
)
(
110‌
)
(
5‌
)
(
2‌
)
Class
I
Issued
54,609‌
54,355‌
—‌
—‌
Reinvested
2,592‌
1,127‌
—‌
—‌
Redeemed
(
19,910‌
)
(
52,009‌
)
—‌
—‌
Total
Class
I
37,291‌
3,473‌
—‌
—‌
Class
R6
Issued
795‌
2,404‌
13‌
669‌
Reinvested
142‌
90‌
57‌
100‌
Redeemed
(
680‌
)
(
3,738‌
)
(
170‌
)
(
352‌
)
Total
Class
R6
257‌
(
1,244‌
)
(
100‌
)
417‌
Class
Y
Issued
3,744‌
25,244‌
4,942‌
411‌
Reinvested
853‌
538‌
74‌
80‌
Redeemed
(
11,649‌
)
(
25,468‌
)
(
740‌
)
(
179‌
)
Total
Class
Y
(
7,052‌
)
314‌
4,276‌
312‌
Change
in
Shares
30,058‌
2,315‌
4,127‌
698‌
(a)
Rounds
to
less
than
1
thousand
shares.
Victory
Portfolios
Financial
Highlights
For
a
Share
Outstanding
Throughout
Each
Period
88
See
notes
to
financial
statements.
Victory
Integrity
Discovery
Fund
Class
A
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$35.60
$36.72
$45.53
$24.03
$32.28
$42.75
Investment
Activities:
Net
investment
income
(loss)(a)
0.06
0.14
(0.10)
(0.07)
(0.05)
(0.11)
Net
realized
and
unrealized
gains
(losses)
4.78
2.15
(6.57)
21.57
(7.38)
(5.61)
Total
from
Investment
Activities
4.84
2.29
(6.67)
21.50
(7.43)
(5.72)
Distributions
to
Shareholders
from:
Net
investment
income
(0.16)
—
—
—
—
—
Net
realized
gains
(0.39)
(3.41)
(2.14)
—
(0.82)
(4.75)
Total
Distributions
(0.55)
(3.41)
(2.14)
—
(0.82)
(4.75)
Net
Asset
Value,
End
of
Period
$39.89
$35.60
$36.72
$45.53
$24.03
$32.28
Total
Return
(excludes
sales
charge)(b)(c)
13.66%
6.11%
(15.25)%
89.47%
(23.78)%
(12.02)%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
1.62%
1.59%
1.57%
1.62%
1.59%
1.55%
Net
Investment
Income
(Loss)(d)
0.33%
0.37%
(0.23)%
(0.20)%
(0.18)%
(0.29)%
Gross
Expenses(d)(e)
1.62%
1.59%
1.57%
1.62%
1.59%
1.55%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$35,524
$33,409
$35,308
$45,073
$30,614
$50,963
Portfolio
Turnover(b)(f)
18%
35%
36%
41%
40%
40%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Annualized
for
periods
less
than
one
year.
(e)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(f)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
89
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Integrity
Discovery
Fund
Class
C
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$21.80
$23.91
$30.67
$16.32
$22.36
$31.69
Investment
Activities:
Net
investment
income
(loss)(a)
(0.06)
(0.12)
(0.32)
(0.21)
(0.22)
(0.28)
Net
realized
and
unrealized
gains
(losses)
2.92
1.42
(4.30)
14.56
(5.00)
(4.30)
Total
from
Investment
Activities
2.86
1.30
(4.62)
14.35
(5.22)
(4.58)
Distributions
to
Shareholders
from:
Net
realized
gains
(0.39)
(3.41)
(2.14)
—
(0.82)
(4.75)
Total
Distributions
(0.39)
(3.41)
(2.14)
—
(0.82)
(4.75)
Net
Asset
Value,
End
of
Period
$24.27
$21.80
$23.91
$30.67
$16.32
$22.36
Total
Return
(excludes
contingent
deferred
sales
charge)(b)(c)
13.20%
5.17%
(15.98)%
87.93%
(24.42)%
(12.74)%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
2.45%
2.45%
2.45%
2.45%
2.46%
2.34%
Net
Investment
Income
(Loss)(d)
(0.54)%
(0.51)%
(1.11)%
(0.95)%
(1.09)%
(1.07)%
Gross
Expenses(d)(e)
4.07%
3.41%
3.02%
2.87%
2.52%
2.34%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$662
$831
$1,227
$2,079
$2,194
$6,633
Portfolio
Turnover(b)(f)
18%
35%
36%
41%
40%
40%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Annualized
for
periods
less
than
one
year.
(e)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(f)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
90
See
notes
to
financial
statements.
Victory
Integrity
Discovery
Fund
Class
R
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$32.38
$33.85
$42.35
$22.45
$30.36
$40.76
Investment
Activities:
Net
investment
income
(loss)(a)
(0.02)
(0.05)
(0.31)
(0.18)
(0.18)
(0.28)
Net
realized
and
unrealized
gains
(losses)
4.35
1.99
(6.05)
20.08
(6.91)
(5.37)
Total
from
Investment
Activities
4.33
1.94
(6.36)
19.90
(7.09)
(5.65)
Distributions
to
Shareholders
from:
Net
investment
income
(0.03)
—
—
—
—
—
Net
realized
gains
(0.39)
(3.41)
(2.14)
—
(0.82)
(4.75)
Total
Distributions
(0.42)
(3.41)
(2.14)
—
(0.82)
(4.75)
Net
Asset
Value,
End
of
Period
$36.29
$32.38
$33.85
$42.35
$22.45
$30.36
Total
Return(b)(c)
13.44%
5.56%
(15.68)%
88.56%
(24.10)%
(12.49)%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
2.08%
2.08%
2.08%
2.08%
2.08%
2.08%
Net
Investment
Income
(Loss)(d)
(0.12)%
(0.14)%
(0.76)%
(0.58)%
(0.65)%
(0.84)%
Gross
Expenses(d)(e)
4.35%
3.97%
3.14%
2.43%
2.33%
2.41%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$527
$502
$688
$1,955
$1,990
$3,038
Portfolio
Turnover(b)(f)
18%
35%
36%
41%
40%
40%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Annualized
for
periods
less
than
one
year.
(e)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(f)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
91
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Integrity
Discovery
Fund
Class
Y
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$40.34
$41.12
$50.63
$26.64
$35.65
$46.47
Investment
Activities:
Net
investment
income
(loss)(a)
0.11
0.24
(0.03)
0.03
—(b)
(0.03)
Net
realized
and
unrealized
gains
(losses)
5.43
2.39
(7.34)
23.96
(8.19)
(6.04)
Total
from
Investment
Activities
5.54
2.63
(7.37)
23.99
(8.19)
(6.07)
Distributions
to
Shareholders
from:
Net
investment
income
(0.21)
—
—
—
—
—
Net
realized
gains
(0.39)
(3.41)
(2.14)
—
(0.82)
(4.75)
Total
Distributions
(0.60)
(3.41)
(2.14)
—
(0.82)
(4.75)
Net
Asset
Value,
End
of
Period
$45.28
$40.34
$41.12
$50.63
$26.64
$35.65
Total
Return(c)(d)
13.82%
6.29%
(15.09)%
90.05%
(23.64)%
(11.81)%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
1.44%
1.40%
1.38%
1.31%
1.38%
1.30%
Net
Investment
Income
(Loss)(e)
0.52%
0.57%
(0.05)%
0.07%
0.00%(g)
(0.06)%
Gross
Expenses(e)(f)
1.47%
1.40%
1.38%
1.31%
1.38%
1.30%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$22,985
$21,471
$24,479
$40,600
$27,519
$71,708
Portfolio
Turnover(c)(h)
18%
35%
36%
41%
40%
40%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Amount
is
less
than
$0.005
per
share.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Amount
is
less
than
0.005%.
(h)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
92
See
notes
to
financial
statements.
Victory
Integrity
Discovery
Fund
Member
Class
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
November
3,
2020(a)
through
June
30,
2021
Net
Asset
Value,
Beginning
of
Period
$35.70
$36.80
$45.58
$26.37
Investment
Activities:
Net
investment
income
(loss)(b)
0.08
0.17
(0.04)
(0.30)
Net
realized
and
unrealized
gains
(losses)
4.82
2.14
(6.60)
19.51
Total
from
Investment
Activities
4.90
2.31
(6.64)
19.21
Distributions
to
Shareholders
from:
Net
investment
income
(0.21)
—
—
—
Net
realized
gains
(0.39)
(3.41)
(2.14)
—
Total
Distributions
(0.60)
(3.41)
(2.14)
—
Net
Asset
Value,
End
of
Period
$40.00
$35.70
$36.80
$45.58
Total
Return(c)(d)
13.78%
6.15%
(15.17)%
72.85%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
1.50%
1.50%
1.50%
1.50%
Net
Investment
Income
(Loss)(e)
0.46%
0.46%
(0.10)%
(1.04)%
Gross
Expenses(e)(f)
1.87%
1.82%
1.99%
5.05%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$3,683
$3,377
$3,232
$2,172
Portfolio
Turnover(c)(g)
18%
35%
36%
41%
(a)
Commencement
of
operations.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
93
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Integrity
Mid-Cap
Value
Fund
Class
A
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$22.73
$21.11
$23.72
$15.30
$17.86
$19.17
Investment
Activities:
Net
investment
income
(loss)(a)
0.13
0.19
0.21
0.13
0.24
0.19
Net
realized
and
unrealized
gains
(losses)
0.96
2.67
(1.66)
8.74
(2.70)
(0.32)
Total
from
Investment
Activities
1.09
2.86
(1.45)
8.87
(2.46)
(0.13)
Distributions
to
Shareholders
from:
Net
investment
income
(0.09)
(0.28)
—
(0.37)
(0.10)
(0.19)
Net
realized
gains
(0.58)
(0.96)
(1.16)
—
—
(0.99)
Return
of
capital
—
—
—
(0.08)
—
—
Total
Distributions
(0.67)
(1.24)
(1.16)
(0.45)
(0.10)
(1.18)
Net
Asset
Value,
End
of
Period
$23.15
$22.73
$21.11
$23.72
$15.30
$17.86
Total
Return
(excludes
sales
charge)(b)(c)
4.92%
13.83%
(6.56)%
58.66%
(13.90)%
0.36%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
1.00%
1.00%
1.00%
1.00%
1.00%
1.00%
Net
Investment
Income
(Loss)(d)
1.14%
0.86%
0.90%
0.64%
1.40%
1.05%
Gross
Expenses(d)(e)
1.39%
1.35%
1.42%
1.37%
1.43%
1.51%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$25,158
$25,184
$19,898
$12,542
$8,574
$7,567
Portfolio
Turnover(b)(f)
35%
57%
70%
67%
82%
73%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Annualized
for
periods
less
than
one
year.
(e)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(f)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
94
See
notes
to
financial
statements.
Victory
Integrity
Mid-Cap
Value
Fund
Class
C
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
November
4,
2019(a)
through
June
30,
2020
Net
Asset
Value,
Beginning
of
Period
$22.63
$21.03
$23.81
$15.37
$18.75
Investment
Activities:
Net
investment
income
(loss)(b)
0.04
0.02
0.03
(0.05)
0.11
Net
realized
and
unrealized
gains
(losses)
0.96
2.66
(1.65)
8.82
(3.39)
Total
from
Investment
Activities
1.00
2.68
(1.62)
8.77
(3.28)
Distributions
to
Shareholders
from:
Net
investment
income
—
(0.12)
—
(0.27)
(0.10)
Net
realized
gains
(0.58)
(0.96)
(1.16)
—
—
Return
of
capital
—
—
—
(0.06)
—
Total
Distributions
(0.58)
(1.08)
(1.16)
(0.33)
(0.10)
Net
Asset
Value,
End
of
Period
$23.05
$22.63
$21.03
$23.81
$15.37
Total
Return
(excludes
contingent
deferred
sales
charge)(c)(d)
4.50%
12.98%
(7.26)%
57.43%
(17.55)%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
1.75%
1.75%
1.75%
1.75%
1.75%
Net
Investment
Income
(Loss)(e)
0.38%
0.11%
0.14%
(0.25)%
1.02%
Gross
Expenses(e)(f)
16.07%
13.08%
2.82%
16.27%
43.95%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$93
$99
$83
$78
$44
Portfolio
Turnover(c)(g)
35%
57%
70%
67%
82%
(a)
Commencement
of
operations.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
95
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Integrity
Mid-Cap
Value
Fund
Class
R6
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$23.07
$21.40
$23.99
$15.47
$18.02
$19.30
Investment
Activities:
Net
investment
income
(loss)(a)
0.18
0.28
0.31
0.19
0.33
0.26
Net
realized
and
unrealized
gains
(losses)
0.98
2.71
(1.69)
8.85
(2.74)
(0.32)
Total
from
Investment
Activities
1.16
2.99
(1.38)
9.04
(2.41)
(0.06)
Distributions
to
Shareholders
from:
Net
investment
income
(0.17)
(0.36)
(0.05)
(0.43)
(0.14)
(0.23)
Net
realized
gains
(0.58)
(0.96)
(1.16)
—
—
(0.99)
Return
of
capital
—
—
—
(0.09)
—
—
Total
Distributions
(0.75)
(1.32)
(1.21)
(0.52)
(0.14)
(1.22)
Net
Asset
Value,
End
of
Period
$23.48
$23.07
$21.40
$23.99
$15.47
$18.02
Total
Return(b)(c)
5.13%
14.29%
(6.21)%
59.24%
(13.53)%
0.72%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
0.60%
0.60%
0.60%
0.60%
0.60%
0.60%
Net
Investment
Income
(Loss)(d)
1.54%
1.26%
1.28%
0.94%
1.93%
1.43%
Gross
Expenses(d)(e)
0.87%
0.87%
0.87%
0.88%
0.88%
0.94%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$240,075
$232,401
$207,959
$226,652
$184,503
$56,232
Portfolio
Turnover(b)(f)
35%
57%
70%
67%
82%
73%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Annualized
for
periods
less
than
one
year.
(e)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(f)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
96
See
notes
to
financial
statements.
Victory
Integrity
Mid-Cap
Value
Fund
Class
Y
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$23.03
$21.36
$23.95
$15.44
$18.02
$19.34
Investment
Activities:
Net
investment
income
(loss)(a)
0.16
0.25
0.28
0.06
0.25
0.28
Net
realized
and
unrealized
gains
(losses)
0.97
2.70
(1.70)
8.94
(2.68)
(0.37)
Total
from
Investment
Activities
1.13
2.95
(1.42)
9.00
(2.43)
(0.09)
Distributions
to
Shareholders
from:
Net
investment
income
(0.14)
(0.32)
(0.01)
(0.41)
(0.15)
(0.24)
Net
realized
gains
(0.58)
(0.96)
(1.16)
—
—
(0.99)
Return
of
capital
—
—
—
(0.08)
—
—
Total
Distributions
(0.72)
(1.28)
(1.17)
(0.49)
(0.15)
(1.23)
Net
Asset
Value,
End
of
Period
$23.44
$23.03
$21.36
$23.95
$15.44
$18.02
Total
Return(b)(c)
5.00%
14.14%
(6.35)%
59.03%
(13.67)%
0.58%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
0.75%
0.75%
0.75%
0.75%
0.75%
0.75%
Net
Investment
Income
(Loss)(d)
1.39%
1.12%
1.18%
0.29%
1.46%
1.52%
Gross
Expenses(d)(e)
1.02%
1.04%
1.03%
1.08%
1.21%
1.17%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$60,249
$59,183
$45,535
$25,003
$9,352
$21,486
Portfolio
Turnover(b)(f)
35%
57%
70%
67%
82%
73%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Annualized
for
periods
less
than
one
year.
(e)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(f)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
97
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Integrity
Mid-Cap
Value
Fund
Member
Class
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
November
3,
2020(a)
through
June
30,
2021
Net
Asset
Value,
Beginning
of
Period
$23.15
$21.47
$24.08
$16.94
Investment
Activities:
Net
investment
income
(loss)(b)
0.14
0.23
0.27
(0.26)
Net
realized
and
unrealized
gains
(losses)
0.99
2.72
(1.72)
7.58
Total
from
Investment
Activities
1.13
2.95
(1.45)
7.32
Distributions
to
Shareholders
from:
Net
investment
income
(0.12)
(0.31)
—
(0.17)
Net
realized
gains
(0.58)
(0.96)
(1.16)
—
Return
of
capital
—
—
—
(0.01)
Total
Distributions
(0.70)
(1.27)
(1.16)
(0.18)
Net
Asset
Value,
End
of
Period
$23.58
$23.15
$21.47
$24.08
Total
Return(c)(d)
4.97%
14.02%
(6.46)%
43.46%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.85%
0.85%
0.85%
0.85%
Net
Investment
Income
(Loss)(e)
1.24%
1.04%
1.11%
(1.69)%
Gross
Expenses(e)(f)
1.46%
1.53%
1.97%
8.67%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$3,427
$3,719
$2,385
$845
Portfolio
Turnover(c)(g)
35%
57%
70%
67%
(a)
Commencement
of
operations.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
98
See
notes
to
financial
statements.
Victory
Integrity
Small-Cap
Value
Fund
Class
A
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$33.19
$32.51
$43.97
$24.40
$32.37
$40.06
Investment
Activities:
Net
investment
income
(loss)(a)
0.19
0.24
0.03
(0.01)
0.03
0.09
Net
realized
and
unrealized
gains
(losses)
3.07
4.82
(4.51)
19.61
(7.86)
(3.59)
Total
from
Investment
Activities
3.26
5.06
(4.48)
19.60
(7.83)
(3.50)
Distributions
to
Shareholders
from:
Net
investment
income
(0.31)
(0.05)
(0.04)
(0.03)
—
—
Net
realized
gains
(3.14)
(4.33)
(6.94)
—
(0.14)
(4.19)
Total
Distributions
(3.45)
(4.38)
(6.98)
(0.03)
(0.14)
(4.19)
Net
Asset
Value,
End
of
Period
$33.00
$33.19
$32.51
$43.97
$24.40
$32.37
Total
Return
(excludes
sales
charge)(b)(c)
10.15%
16.23%
(12.11)%
80.37%
(24.33)%
(7.16)%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
1.44%
1.43%
1.50%
1.50%
1.48%
1.50%
Net
Investment
Income
(Loss)(d)
1.13%
0.71%
0.08%
(0.02)%
0.10%
0.25%
Gross
Expenses(d)(e)
1.44%
1.43%
1.50%
1.50%
1.48%
1.58%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$76,146
$71,905
$69,687
$91,203
$79,429
$140,439
Portfolio
Turnover(b)(f)
24%
61%
58%
56%
80%
72%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Annualized
for
periods
less
than
one
year.
(e)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(f)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
99
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Integrity
Small-Cap
Value
Fund
Class
C
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$25.89
$26.39
$37.22
$20.81
$27.85
$35.40
Investment
Activities:
Net
investment
income
(loss)(a)
0.02
(0.05)
(0.22)
(0.26)
(0.17)
(0.13)
Net
realized
and
unrealized
gains
(losses)
2.38
3.88
(3.67)
16.67
(6.73)
(3.23)
Total
from
Investment
Activities
2.40
3.83
(3.89)
16.41
(6.90)
(3.36)
Distributions
to
Shareholders
from:
Net
investment
income
(0.08)
—
—
—
—
—
Net
realized
gains
(3.14)
(4.33)
(6.94)
—
(0.14)
(4.19)
Total
Distributions
(3.22)
(4.33)
(6.94)
—
(0.14)
(4.19)
Net
Asset
Value,
End
of
Period
$25.07
$25.89
$26.39
$37.22
$20.81
$27.85
Total
Return
(excludes
contingent
deferred
sales
charge)(b)(c)
9.68%
15.23%
(12.77)%
78.86%
(24.91)%
(7.79)%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
2.35%
2.29%
2.25%
2.34%
2.25%
2.16%
Net
Investment
Income
(Loss)(d)
0.18%
(0.17)%
(0.67)%
(0.89)%
(0.69)%
(0.42)%
Gross
Expenses(d)(e)
2.35%
2.29%
2.25%
2.34%
2.25%
2.16%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$4,129
$4,746
$5,667
$7,578
$5,796
$11,083
Portfolio
Turnover(b)(f)
24%
61%
58%
56%
80%
72%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Annualized
for
periods
less
than
one
year.
(e)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(f)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
100
See
notes
to
financial
statements.
Victory
Integrity
Small-Cap
Value
Fund
Class
R
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$31.43
$31.04
$42.35
$23.53
$31.32
$39.02
Investment
Activities:
Net
investment
income
(loss)(a)
0.14
0.12
(0.07)
(0.10)
(0.05)
(0.01)
Net
realized
and
unrealized
gains
(losses)
2.89
4.60
(4.30)
18.92
(7.60)
(3.50)
Total
from
Investment
Activities
3.03
4.72
(4.37)
18.82
(7.65)
(3.51)
Distributions
to
Shareholders
from:
Net
investment
income
(0.25)
—
—
—
—
—
Net
realized
gains
(3.14)
(4.33)
(6.94)
—
(0.14)
(4.19)
Total
Distributions
(3.39)
(4.33)
(6.94)
—
(0.14)
(4.19)
Net
Asset
Value,
End
of
Period
$31.07
$31.43
$31.04
$42.35
$23.53
$31.32
Total
Return(b)(c)
9.99%
15.86%
(12.32)%
79.91%
(24.54)%
(7.39)%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
1.75%
1.75%
1.75%
1.75%
1.75%
1.75%
Net
Investment
Income
(Loss)(d)
0.86%
0.39%
(0.18)%
(0.29)%
(0.19)%
(0.03)%
Gross
Expenses(d)(e)
1.99%
1.99%
1.99%
1.95%
1.86%
1.99%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$5,400
$4,538
$4,605
$7,099
$5,303
$10,451
Portfolio
Turnover(b)(f)
24%
61%
58%
56%
80%
72%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Annualized
for
periods
less
than
one
year.
(e)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(f)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
101
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Integrity
Small-Cap
Value
Fund
Class
R6
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$35.21
$34.24
$45.91
$25.43
$33.70
$41.51
Investment
Activities:
Net
investment
income
(loss)(a)
0.28
0.42
0.26
0.18
0.19
0.24
Net
realized
and
unrealized
gains
(losses)
3.28
5.09
(4.75)
20.47
(8.18)
(3.67)
Total
from
Investment
Activities
3.56
5.51
(4.49)
20.65
(7.99)
(3.43)
Distributions
to
Shareholders
from:
Net
investment
income
(0.46)
(0.21)
(0.24)
(0.17)
(0.14)
(0.19)
Net
realized
gains
(3.14)
(4.33)
(6.94)
—
(0.14)
(4.19)
Total
Distributions
(3.60)
(4.54)
(7.18)
(0.17)
(0.28)
(4.38)
Net
Asset
Value,
End
of
Period
$35.17
$35.21
$34.24
$45.91
$25.43
$33.70
Total
Return(b)(c)
10.44%
16.78%
(11.63)%
81.42%
(23.95)%
(6.67)%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
0.96%
0.96%
0.95%
0.96%
0.97%
0.96%
Net
Investment
Income
(Loss)(d)
1.59%
1.19%
0.61%
0.52%
0.64%
0.65%
Gross
Expenses(d)(e)
0.96%
0.96%
0.95%
0.96%
0.97%
0.96%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$766,004
$771,075
$716,271
$1,145,953
$984,938
$1,179,915
Portfolio
Turnover(b)(f)
24%
61%
58%
56%
80%
72%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Annualized
for
periods
less
than
one
year.
(e)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(f)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
102
See
notes
to
financial
statements.
Victory
Integrity
Small-Cap
Value
Fund
Class
Y
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$34.90
$33.98
$45.62
$25.27
$33.49
$41.25
Investment
Activities:
Net
investment
income
(loss)(a)
0.26
0.38
0.21
0.13
0.14
0.21
Net
realized
and
unrealized
gains
(losses)
3.25
5.05
(4.71)
20.34
(8.13)
(3.67)
Total
from
Investment
Activities
3.51
5.43
(4.50)
20.47
(7.99)
(3.46)
Distributions
to
Shareholders
from:
Net
investment
income
(0.42)
(0.18)
(0.20)
(0.12)
(0.09)
(0.11)
Net
realized
gains
(3.14)
(4.33)
(6.94)
—
(0.14)
(4.19)
Total
Distributions
(3.56)
(4.51)
(7.14)
(0.12)
(0.23)
(4.30)
Net
Asset
Value,
End
of
Period
$34.85
$34.90
$33.98
$45.62
$25.27
$33.49
Total
Return(b)(c)
10.37%
16.65%
(11.72)%
81.13%
(24.04)%
(6.83)%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
1.07%
1.06%
1.07%
1.08%
1.11%
1.12%
Net
Investment
Income
(Loss)(d)
1.48%
1.10%
0.51%
0.36%
0.47%
0.58%
Gross
Expenses(d)(e)
1.07%
1.06%
1.07%
1.08%
1.11%
1.12%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$690,343
$724,723
$606,277
$765,951
$491,836
$981,688
Portfolio
Turnover(b)(f)
24%
61%
58%
56%
80%
72%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Annualized
for
periods
less
than
one
year.
(e)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(f)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
103
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Integrity
Small/Mid-Cap
Value
Fund
Class
A
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$20.65
$19.70
$22.98
$13.46
$16.70
$17.75
Investment
Activities:
Net
investment
income
(loss)(a)
0.12
0.18
0.15
0.05
0.10
0.12
Net
realized
and
unrealized
gains
(losses)
1.00
2.68
(1.99)
9.73
(3.24)
(0.53)
Total
from
Investment
Activities
1.12
2.86
(1.84)
9.78
(3.14)
(0.41)
Distributions
to
Shareholders
from:
Net
investment
income
(0.19)
(0.16)
(0.05)
(0.26)
(0.10)
(0.12)
Net
realized
gains
(0.27)
(1.75)
(1.39)
—
—
(0.52)
Total
Distributions
(0.46)
(1.91)
(1.44)
(0.26)
(0.10)
(0.64)
Net
Asset
Value,
End
of
Period
$21.31
$20.65
$19.70
$22.98
$13.46
$16.70
Total
Return
(excludes
sales
charge)(b)(c)
5.46%
15.08%
(8.64)%
73.21%
(18.97)%
(1.66)%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
1.13%
1.13%
1.13%
1.13%
1.13%
1.13%
Net
Investment
Income
(Loss)(d)
1.18%
0.90%
0.67%
0.27%
0.67%
0.70%
Gross
Expenses(d)(e)
1.49%
1.51%
1.50%
1.68%
1.65%
1.71%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$8,560
$8,049
$7,149
$6,589
$3,241
$3,626
Portfolio
Turnover(b)(f)
31%
55%
63%
61%
72%
67%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Annualized
for
periods
less
than
one
year.
(e)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(f)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
104
See
notes
to
financial
statements.
Victory
Integrity
Small/Mid-Cap
Value
Fund
Class
R6
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$21.01
$20.00
$23.30
$13.64
$16.91
$17.96
Investment
Activities:
Net
investment
income
(loss)(a)
0.16
0.25
0.22
0.14
0.15
0.14
Net
realized
and
unrealized
gains
(losses)
1.01
2.73
(2.02)
9.82
(3.28)
(0.51)
Total
from
Investment
Activities
1.17
2.98
(1.80)
9.96
(3.13)
(0.37)
Distributions
to
Shareholders
from:
Net
investment
income
(0.25)
(0.22)
(0.11)
(0.30)
(0.14)
(0.16)
Net
realized
gains
(0.27)
(1.75)
(1.39)
—
—
(0.52)
Total
Distributions
(0.52)
(1.97)
(1.50)
(0.30)
(0.14)
(0.68)
Net
Asset
Value,
End
of
Period
$21.66
$21.01
$20.00
$23.30
$13.64
$16.91
Total
Return(b)(c)
5.59%
15.47%
(8.38)%
73.68%
(18.70)%
(1.39)%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
0.83%
0.83%
0.83%
0.83%
0.83%
0.83%
Net
Investment
Income
(Loss)(d)
1.51%
1.21%
0.97%
0.72%
0.97%
0.86%
Gross
Expenses(d)(e)
0.94%
0.93%
0.93%
0.94%
0.97%
0.96%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$235,558
$191,098
$151,752
$143,273
$80,284
$95,286
Portfolio
Turnover(b)(f)
31%
55%
63%
61%
72%
67%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Annualized
for
periods
less
than
one
year.
(e)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(f)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
105
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Integrity
Small/Mid-Cap
Value
Fund
Class
Y
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$20.93
$19.93
$23.23
$13.60
$16.86
$17.92
Investment
Activities:
Net
investment
income
(loss)(a)
0.14
0.23
0.21
0.12
0.14
0.22
Net
realized
and
unrealized
gains
(losses)
1.01
2.73
(2.02)
9.81
(3.27)
(0.60)
Total
from
Investment
Activities
1.15
2.96
(1.81)
9.93
(3.13)
(0.38)
Distributions
to
Shareholders
from:
Net
investment
income
(0.24)
(0.21)
(0.10)
(0.30)
(0.13)
(0.16)
Net
realized
gains
(0.27)
(1.75)
(1.39)
—
—
(0.52)
Total
Distributions
(0.51)
(1.96)
(1.49)
(0.30)
(0.13)
(0.68)
Net
Asset
Value,
End
of
Period
$21.57
$20.93
$19.93
$23.23
$13.60
$16.86
Total
Return(b)(c)
5.57%
15.42%
(8.45)%
73.61%
(18.73)%
(1.45)%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
0.88%
0.88%
0.88%
0.88%
0.88%
0.88%
Net
Investment
Income
(Loss)(d)
1.40%
1.14%
0.91%
0.66%
0.92%
1.30%
Gross
Expenses(d)(e)
0.99%
0.98%
0.97%
0.98%
1.01%
1.03%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$44,489
$47,787
$46,579
$56,537
$32,572
$35,927
Portfolio
Turnover(b)(f)
31%
55%
63%
61%
72%
67%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Annualized
for
periods
less
than
one
year.
(e)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(f)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
106
See
notes
to
financial
statements.
Victory
Integrity
Small/Mid-Cap
Value
Fund
Member
Class
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
November
3,
2020(a)
through
June
30,
2021
Net
Asset
Value,
Beginning
of
Period
$20.86
$19.87
$23.18
$14.86
Investment
Activities:
Net
investment
income
(loss)(b)
0.14
0.22
0.21
(0.27)
Net
realized
and
unrealized
gains
(losses)
1.01
2.72
(2.04)
8.73
Total
from
Investment
Activities
1.15
2.94
(1.83)
8.46
Distributions
to
Shareholders
from:
Net
investment
income
(0.22)
(0.20)
(0.09)
(0.14)
Net
realized
gains
(0.27)
(1.75)
(1.39)
—
Total
Distributions
(0.49)
(1.95)
(1.48)
(0.14)
Net
Asset
Value,
End
of
Period
$21.52
$20.86
$19.87
$23.18
Total
Return(c)(d)
5.57%
15.28%
(8.50)%
57.17%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.95%
0.95%
0.95%
0.95%
Net
Investment
Income
(Loss)(e)
1.34%
1.08%
0.90%
(1.84)%
Gross
Expenses(e)(f)
1.38%
1.40%
1.59%
4.39%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$5,790
$6,040
$5,054
$2,388
Portfolio
Turnover(c)(g)
31%
55%
63%
61%
(a)
Commencement
of
operations.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
107
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Munder
Multi-Cap
Fund
Class
A
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$46.61
$43.96
$53.57
$38.28
$38.75
$44.99
Investment
Activities:
Net
investment
income
(loss)(a)
(0.04)
0.01
—(b)
(0.09)
0.03
0.10
Net
realized
and
unrealized
gains
(losses)
2.85
8.74
(3.48)
15.41
0.65
0.08
Total
from
Investment
Activities
2.81
8.75
(3.48)
15.32
0.68
0.18
Distributions
to
Shareholders
from:
Net
investment
income
(0.01)
—(b)
—
(0.03)
(0.10)
—
Net
realized
gains
(2.19)
(6.10)
(6.13)
—
(1.05)
(6.42)
Total
Distributions
(2.20)
(6.10)
(6.13)
(0.03)
(1.15)
(6.42)
Net
Asset
Value,
End
of
Period
$47.22
$46.61
$43.96
$53.57
$38.28
$38.75
Total
Return
(excludes
sales
charge)(c)(d)
6.11%
21.82%
(8.71)%
40.04%
1.53%
2.86%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
1.28%
1.29%
1.28%
1.35%
1.35%
1.36%
Net
Investment
Income
(Loss)(e)
(0.16)%
0.01%
0.00%(g)
(0.20)%
0.09%
0.25%
Gross
Expenses(e)(f)
1.28%
1.29%
1.28%
1.35%
1.35%
1.36%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$381,339
$373,676
$332,533
$393,769
$311,642
$346,180
Portfolio
Turnover(c)(h)
41%
83%
64%
70%
100%
107%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Amount
is
less
than
$0.005
per
share.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Amount
is
less
than
0.005%.
(h)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
108
See
notes
to
financial
statements.
Victory
Munder
Multi-Cap
Fund
Class
C
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$31.69
$31.96
$40.76
$29.35
$30.10
$36.81
Investment
Activities:
Net
investment
income
(loss)(a)
(0.17)
(0.27)
(0.35)
(0.35)
(0.22)
(0.16)
Net
realized
and
unrealized
gains
(losses)
1.92
6.10
(2.32)
11.76
0.52
(0.13)
Total
from
Investment
Activities
1.75
5.83
(2.67)
11.41
0.30
(0.29)
Distributions
to
Shareholders
from:
Net
investment
income
—
—(b)
—
—
—
—
Net
realized
gains
(2.19)
(6.10)
(6.13)
—
(1.05)
(6.42)
Total
Distributions
(2.19)
(6.10)
(6.13)
—
(1.05)
(6.42)
Net
Asset
Value,
End
of
Period
$31.25
$31.69
$31.96
$40.76
$29.35
$30.10
Total
Return
(excludes
contingent
deferred
sales
charge)(c)(d)
5.63%
20.78%
(9.53)%
38.88%
0.69%
2.21%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
2.16%
2.16%
2.16%
2.16%
2.18%
2.07%
Net
Investment
Income
(Loss)(e)
(1.09)%
(0.85)%
(0.88)%
(1.00)%
(0.73)%
(0.48)%
Gross
Expenses(e)(f)
2.91%
2.38%
2.37%
2.32%
2.20%
2.07%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$1,307
$2,625
$3,287
$4,339
$5,769
$10,056
Portfolio
Turnover(c)(g)
41%
83%
64%
70%
100%
107%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Amount
is
less
than
$0.005
per
share.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
109
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Munder
Multi-Cap
Fund
Class
Y
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$52.76
$48.98
$58.88
$42.05
$42.42
$48.41
Investment
Activities:
Net
investment
income
(loss)(a)
0.04
0.17
0.19
0.08
0.19
0.27
Net
realized
and
unrealized
gains
(losses)
3.23
9.83
(3.96)
16.93
0.72
0.16
Total
from
Investment
Activities
3.27
10.00
(3.77)
17.01
0.91
0.43
Distributions
to
Shareholders
from:
Net
investment
income
(0.13)
(0.12)
—
(0.18)
(0.23)
—
Net
realized
gains
(2.19)
(6.10)
(6.13)
—
(1.05)
(6.42)
Total
Distributions
(2.32)
(6.22)
(6.13)
(0.18)
(1.28)
(6.42)
Net
Asset
Value,
End
of
Period
$53.71
$52.76
$48.98
$58.88
$42.05
$42.42
Total
Return(b)(c)
6.29%
22.20%
(8.41)%
40.51%
1.92%
3.21%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
0.97%
0.96%
0.96%
0.99%
0.99%
1.00%
Net
Investment
Income
(Loss)(d)
0.15%
0.34%
0.32%
0.16%
0.46%
0.61%
Gross
Expenses(d)(e)
0.97%
0.96%
0.96%
0.99%
0.99%
1.00%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$36,674
$36,911
$35,063
$40,374
$30,258
$30,776
Portfolio
Turnover(b)(f)
41%
83%
64%
70%
100%
107%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Annualized
for
periods
less
than
one
year.
(e)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(f)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
110
See
notes
to
financial
statements.
Victory
S&P
500
Index
Fund
Class
A
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$23.37
$21.24
$25.84
$19.80
$21.07
$21.52
Investment
Activities:
Net
investment
income
(loss)(a)
0.13
0.25
0.23
0.22
0.29
0.31
Net
realized
and
unrealized
gains
(losses)
1.66
3.56
(2.72)
7.43
1.20
1.43
Total
from
Investment
Activities
1.79
3.81
(2.49)
7.65
1.49
1.74
Distributions
to
Shareholders
from:
Net
investment
income
(0.13)
(0.25)
(0.21)
(0.24)
(0.28)
(0.33)
Net
realized
gains
(1.15)
(1.43)
(1.90)
(1.37)
(2.48)
(1.86)
Total
Distributions
(1.28)
(1.68)
(2.11)
(1.61)
(2.76)
(2.19)
Net
Asset
Value,
End
of
Period
$23.88
$23.37
$21.24
$25.84
$19.80
$21.07
Total
Return
(excludes
sales
charge)(b)(c)
7.76%
18.88%
(11.11)%
40.00%
6.96%
9.80%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
0.54%
0.54%
0.53%
0.55%
0.55%
0.53%
Net
Investment
Income
(Loss)(d)
1.12%
1.14%
0.89%
0.97%
1.42%
1.46%
Gross
Expenses(d)(e)
0.54%
0.54%
0.53%
0.55%
0.55%
0.53%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$175,114
$167,870
$156,112
$194,818
$153,714
$188,004
Portfolio
Turnover(b)(f)
3%
2%
5%
3%
4%
3%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Annualized
for
periods
less
than
one
year.
(e)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(f)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
111
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
S&P
500
Index
Fund
Class
R
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$23.25
$21.15
$25.74
$19.74
$21.01
$21.47
Investment
Activities:
Net
investment
income
(loss)(a)
0.09
0.17
0.13
0.13
0.21
0.22
Net
realized
and
unrealized
gains
(losses)
1.65
3.54
(2.70)
7.39
1.21
1.43
Total
from
Investment
Activities
1.74
3.71
(2.57)
7.52
1.42
1.65
Distributions
to
Shareholders
from:
Net
investment
income
(0.10)
(0.18)
(0.12)
(0.15)
(0.21)
(0.25)
Net
realized
gains
(1.15)
(1.43)
(1.90)
(1.37)
(2.48)
(1.86)
Total
Distributions
(1.25)
(1.61)
(2.02)
(1.52)
(2.69)
(2.11)
Net
Asset
Value,
End
of
Period
$23.74
$23.25
$21.15
$25.74
$19.74
$21.01
Total
Return(b)(c)
7.56%
18.39%
(11.43)%
39.38%
6.57%
9.31%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
0.88%
0.92%
0.92%
0.95%
0.95%
0.96%
Net
Investment
Income
(Loss)(d)
0.79%
0.77%
0.50%
0.57%
1.02%
1.04%
Gross
Expenses(d)(e)
0.88%
0.92%
0.92%
0.95%
0.95%
0.96%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$28,738
$21,717
$17,735
$17,907
$13,726
$14,501
Portfolio
Turnover(b)(f)
3%
2%
5%
3%
4%
3%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Annualized
for
periods
less
than
one
year.
(e)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(f)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
112
See
notes
to
financial
statements.
Victory
S&P
500
Index
Fund
Class
Y
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$23.61
$21.44
$26.07
$19.96
$21.22
$21.66
Investment
Activities:
Net
investment
income
(loss)(a)
0.14
0.27
0.25
0.25
0.32
0.33
Net
realized
and
unrealized
gains
(losses)
1.68
3.60
(2.75)
7.49
1.21
1.45
Total
from
Investment
Activities
1.82
3.87
(2.50)
7.74
1.53
1.78
Distributions
to
Shareholders
from:
Net
investment
income
(0.14)
(0.27)
(0.23)
(0.26)
(0.31)
(0.36)
Net
realized
gains
(1.15)
(1.43)
(1.90)
(1.37)
(2.48)
(1.86)
Total
Distributions
(1.29)
(1.70)
(2.13)
(1.63)
(2.79)
(2.22)
Net
Asset
Value,
End
of
Period
$24.14
$23.61
$21.44
$26.07
$19.96
$21.22
Total
Return(b)(c)
7.80%
18.98%
(11.06)%
40.16%
7.07%
9.93%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
0.46%
0.46%
0.44%
0.45%
0.43%
0.43%
Net
Investment
Income
(Loss)(d)
1.19%
1.22%
0.98%
1.07%
1.56%
1.57%
Gross
Expenses(d)(e)
0.46%
0.46%
0.44%
0.45%
0.43%
0.43%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$51,130
$49,645
$49,382
$56,607
$46,072
$32,146
Portfolio
Turnover(b)(f)
3%
2%
5%
3%
4%
3%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Annualized
for
periods
less
than
one
year.
(e)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(f)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
113
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Munder
Mid-Cap
Core
Growth
Fund
Class
A
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$9.14
$9.53
$15.41
$11.76
$22.95
$34.56
Investment
Activities:
Net
investment
income
(loss)(a)
(0.02)
(0.03)
(0.05)
(0.09)
(0.07)
(0.13)
Net
realized
and
unrealized
gains
(losses)
0.59
1.07
(1.67)
5.40
0.01
(0.72)
Total
from
Investment
Activities
0.57
1.04
(1.72)
5.31
(0.06)
(0.85)
Distributions
to
Shareholders
from:
Net
investment
income
—
—
—(b)
—
—
—
Net
realized
gains
(0.58)
(1.43)
(4.16)
(1.66)
(11.13)
(10.76)
Total
Distributions
(0.58)
(1.43)
(4.16)
(1.66)
(11.13)
(10.76)
Net
Asset
Value,
End
of
Period
$9.13
$9.14
$9.53
$15.41
$11.76
$22.95
Total
Return
(excludes
sales
charge)(c)(d)
6.40%
11.33%
(16.84)%
47.52%
(3.04)%
4.18%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
1.29%
1.28%
1.26%
1.27%
1.29%
1.28%
Net
Investment
Income
(Loss)(e)
(0.42)%
(0.27)%
(0.35)%
(0.62)%
(0.40)%
(0.49)%
Gross
Expenses(e)(f)
1.29%
1.28%
1.26%
1.27%
1.29%
1.28%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$143,233
$147,859
$157,570
$216,453
$186,571
$292,120
Portfolio
Turnover(c)(g)
25%
60%
80%
103%
86%
82%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Amount
is
less
than
$0.005
per
share.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
114
See
notes
to
financial
statements.
Victory
Munder
Mid-Cap
Core
Growth
Fund
Class
C
Six
Months
Ended
December
31,
2023(a)
(Unaudited)
Year
Ended
June
30,
2023(a)
Year
Ended
June
30,
2022(a)
Year
Ended
June
30,
2021(a)
Year
Ended
June
30,
2020(a)
Year
Ended
June
30,
2019(a)
Net
Asset
Value,
Beginning
of
Period
$9.06
$9.54
$47.25
$44.12
$143.63
$251.81
Investment
Activities:
Net
investment
income
(loss)(b)
(0.06)
(0.10)
(0.27)
(0.63)
(0.90)
(2.07)
Net
realized
and
unrealized
gains
(losses)
0.59
1.06
—(c)
18.70
1.56
(9.27)
Total
from
Investment
Activities
0.53
0.96
(0.27)
18.07
0.66
(11.34)
Distributions
to
Shareholders
from:
Net
investment
income
—
—
—(c)
—
—
—
Net
realized
gains
(0.58)
(1.43)
(37.44)
(14.94)
(100.17)
(96.84)
Total
Distributions
(0.58)
(1.43)
(37.44)
(14.94)
(100.17)
(96.84)
Net
Asset
Value,
End
of
Period
$9.01
$9.06
$9.54
$47.25
$44.12
$143.63
Total
Return
(excludes
contingent
deferred
sales
charge)(d)(e)
6.01%
10.29%
(17.53)%
46.51%
(3.82)%
3.51%
Ratios
to
Average
Net
Assets:
Net
Expenses(f)(g)
2.12%
2.12%
2.12%
2.06%
2.03%
1.94%
Net
Investment
Income
(Loss)(f)
(1.26)%
(1.11)%
(1.23)%
(1.40)%
(1.15)%
(1.14)%
Gross
Expenses(f)(g)
2.49%
2.28%
2.15%
2.06%
2.03%
1.94%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$2,520
$3,775
$4,714
$9,806
$14,053
$26,825
Portfolio
Turnover(d)(h)
25%
60%
80%
103%
86%
82%
(a)
Per
share
amounts
adjusted
for
a
1:9
reverse
stock
split.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Amount
is
less
than
$0.005
per
share.
(d)
Not
annualized
for
periods
less
than
one
year.
(e)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(f)
Annualized
for
periods
less
than
one
year.
(g)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(h)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
115
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Munder
Mid-Cap
Core
Growth
Fund
Class
R
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$6.62
$7.29
$12.75
$9.98
$21.16
$32.91
Investment
Activities:
Net
investment
income
(loss)(a)
(0.02)
(0.04)
(0.07)
(0.11)
(0.09)
(0.20)
Net
realized
and
unrealized
gains
(losses)
0.42
0.80
(1.23)
4.54
0.04
(0.79)
Total
from
Investment
Activities
0.40
0.76
(1.30)
4.43
(0.05)
(0.99)
Distributions
to
Shareholders
from:
Net
realized
gains
(0.58)
(1.43)
(4.16)
(1.66)
(11.13)
(10.76)
Total
Distributions
(0.58)
(1.43)
(4.16)
(1.66)
(11.13)
(10.76)
Net
Asset
Value,
End
of
Period
$6.44
$6.62
$7.29
$12.75
$9.98
$21.16
Total
Return(b)(c)
6.26%
10.92%
(17.10)%
47.15%
(3.28)%
3.85%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
1.57%
1.57%
1.57%
1.57%
1.57%
1.57%
Net
Investment
Income
(Loss)(d)
(0.69)%
(0.56)%
(0.66)%
(0.92)%
(0.68)%
(0.79)%
Gross
Expenses(d)(e)
1.79%
1.77%
1.75%
1.69%
1.67%
1.69%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$7,719
$7,784
$8,890
$13,463
$12,943
$18,438
Portfolio
Turnover(b)(f)
25%
60%
80%
103%
86%
82%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Annualized
for
periods
less
than
one
year.
(e)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(f)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
116
See
notes
to
financial
statements.
Victory
Munder
Mid-Cap
Core
Growth
Fund
Class
R6
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$13.48
$13.38
$19.99
$14.80
$26.00
$37.36
Investment
Activities:
Net
investment
income
(loss)(a)
(—)(b)
0.02
0.01
(0.04)
—(b)
—(b)
Net
realized
and
unrealized
gains
(losses)
0.88
1.51
(2.44)
6.89
(0.07)
(0.60)
Total
from
Investment
Activities
0.88
1.53
(2.43)
6.85
(0.07)
(0.60)
Distributions
to
Shareholders
from:
Net
investment
income
—
—
(0.02)
—
—
—
Net
realized
gains
(0.58)
(1.43)
(4.16)
(1.66)
(11.13)
(10.76)
Total
Distributions
(0.58)
(1.43)
(4.18)
(1.66)
(11.13)
(10.76)
Net
Asset
Value,
End
of
Period
$13.78
$13.48
$13.38
$19.99
$14.80
$26.00
Total
Return(c)(d)
6.64%
11.75%
(16.53)%
48.19%
(2.60)%
4.57%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.89%
0.88%
0.87%
0.87%
0.86%
0.87%
Net
Investment
Income
(Loss)(e)
(0.02)%
0.13%
0.04%
(0.21)%
0.01%
(0.01)%
Gross
Expenses(e)(f)
0.89%
0.88%
0.87%
0.87%
0.86%
0.87%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$68,441
$68,898
$70,577
$98,852
$113,104
$310,949
Portfolio
Turnover(c)(g)
25%
60%
80%
103%
86%
82%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Amount
is
less
than
$0.005
per
share.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
117
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Munder
Mid-Cap
Core
Growth
Fund
Class
Y
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$12.54
$12.55
$19.00
$14.15
$25.37
$36.79
Investment
Activities:
Net
investment
income
(loss)(a)
(0.01)
—(b)
(0.02)
(0.05)
(0.04)
(0.07)
Net
realized
and
unrealized
gains
(losses)
0.83
1.42
2.27
6.56
(0.05)
(0.59)
Total
from
Investment
Activities
0.82
1.42
(2.29)
6.51
(0.09)
(0.66)
Distributions
to
Shareholders
from:
Net
realized
gains
(0.58)
(1.43)
(4.16)
(1.66)
(11.13)
(10.76)
Total
Distributions
(0.58)
(1.43)
(4.16)
(1.66)
(11.13)
(10.76)
Net
Asset
Value,
End
of
Period
$12.78
$12.54
$12.55
$19.00
$14.15
$25.37
Total
Return(c)(d)
6.66%
11.64%
(16.64)%
48.00%
(2.76)%
4.47%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.99%
0.97%
0.98%
0.98%
1.04%
1.02%
Net
Investment
Income
(Loss)(e)
(0.12)%
0.04%
(0.10)%
(0.33)%
(0.18)%
(0.22)%
Gross
Expenses(e)(f)
0.99%
0.97%
0.98%
0.98%
1.04%
1.02%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$107,469
$119,188
$122,169
$242,860
$257,692
$810,261
Portfolio
Turnover(c)(g)
25%
60%
80%
103%
86%
82%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Amount
is
less
than
$0.005
per
share.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
118
See
notes
to
financial
statements.
Victory
Trivalent
International
Fund
-
Core
Equity
Class
A
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$7.32
$6.51
$8.35
$6.49
$6.87
$7.28
Investment
Activities:
Net
investment
income
(loss)(a)
0.05
0.15
0.17
0.18
0.12
0.14
Net
realized
and
unrealized
gains
(losses)
0.43
0.80
(1.73)
1.77
(0.44)
(0.30)
Total
from
Investment
Activities
0.48
0.95
(1.56)
1.95
(0.32)
(0.16)
Distributions
to
Shareholders
from:
Net
investment
income
(0.26)
(0.15)
(0.28)
(0.09)
(0.06)
(0.13)
Net
realized
gains
—
—
—
—
—
(0.12)
Total
Distributions
(0.26)
(0.15)
(0.28)
(0.09)
(0.06)
(0.25)
Net
Asset
Value,
End
of
Period
$7.54
$7.32
$6.51
$8.35
$6.49
$6.87
Total
Return
(excludes
sales
charge)(b)(c)
6.67%
15.09%
(19.33)%
30.28%
(4.72)%
(1.69)%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
0.95%
0.95%
0.95%
0.95%
0.95%
0.95%
Net
Investment
Income
(Loss)(d)
1.45%
2.28%
2.18%
2.32%
1.73%
2.08%
Gross
Expenses(d)(e)
1.81%
1.79%
1.77%
1.76%
1.84%
1.96%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$3,914
$3,765
$4,147
$5,379
$4,550
$5,347
Portfolio
Turnover(b)(f)
18%
49%
55%
47%
49%
56%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Annualized
for
periods
less
than
one
year.
(e)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(f)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
119
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Trivalent
International
Fund
-
Core
Equity
Class
I
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$7.37
$6.55
$8.40
$6.53
$6.90
$7.29
Investment
Activities:
Net
investment
income
(loss)(a)
0.07
0.17
0.20
0.21
0.14
0.17
Net
realized
and
unrealized
gains
(losses)
0.44
0.82
(1.74)
1.78
(0.43)
(0.30)
Total
from
Investment
Activities
0.51
0.99
(1.54)
1.99
(0.29)
(0.13)
Distributions
to
Shareholders
from:
Net
investment
income
(0.29)
(0.17)
(0.31)
(0.12)
(0.08)
(0.14)
Net
realized
gains
—
—
—
—
—
(0.12)
Total
Distributions
(0.29)
(0.17)
(0.31)
(0.12)
(0.08)
(0.26)
Net
Asset
Value,
End
of
Period
$7.59
$7.37
$6.55
$8.40
$6.53
$6.90
Total
Return(b)(c)
6.97%
15.40%
(19.03)%
30.65%
(4.36)%
(1.19)%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
0.60%
0.60%
0.60%
0.60%
0.60%
0.60%
Net
Investment
Income
(Loss)(d)
1.80%
2.57%
2.57%
2.69%
2.12%
2.48%
Gross
Expenses(d)(e)
1.40%
1.37%
1.62%
1.42%
1.54%
1.76%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$3,497
$3,381
$2,834
$3,303
$2,579
$2,268
Portfolio
Turnover(b)(f)
18%
49%
55%
47%
49%
56%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Annualized
for
periods
less
than
one
year.
(e)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(f)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
120
See
notes
to
financial
statements.
Victory
Trivalent
International
Fund
-
Core
Equity
Class
R6
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$7.42
$6.60
$8.45
$6.57
$6.92
$7.31
Investment
Activities:
Net
investment
income
(loss)(a)
0.07
0.18
0.21
0.21
0.14
0.17
Net
realized
and
unrealized
gains
(losses)
0.43
0.82
(1.75)
1.78
(0.43)
(0.29)
Total
from
Investment
Activities
0.50
1.00
(1.54)
1.99
(0.29)
(0.12)
Distributions
to
Shareholders
from:
Net
investment
income
(0.29)
(0.18)
(0.31)
(0.11)
(0.06)
(0.15)
Net
realized
gains
—
—
—
—
—
(0.12)
Total
Distributions
(0.29)
(0.18)
(0.31)
(0.11)
(0.06)
(0.27)
Net
Asset
Value,
End
of
Period
$7.63
$7.42
$6.60
$8.45
$6.57
$6.92
Total
Return(b)(c)
6.83%
15.50%
(18.93)%
30.57%
(4.34)%
(1.12)%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
0.55%
0.55%
0.55%
0.55%
0.55%
0.55%
Net
Investment
Income
(Loss)(d)
1.85%
2.68%
2.60%
2.75%
2.06%
2.53%
Gross
Expenses(d)(e)
0.98%
0.98%
0.96%
1.00%
1.01%
1.45%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$190,329
$180,222
$172,965
$204,691
$119,275
$5,661
Portfolio
Turnover(b)(f)
18%
49%
55%
47%
49%
56%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Annualized
for
periods
less
than
one
year.
(e)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(f)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
121
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Trivalent
International
Fund
-
Core
Equity
Class
Y
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$7.31
$6.50
$8.34
$6.48
$6.87
$7.26
Investment
Activities:
Net
investment
income
(loss)(a)
0.06
0.17
0.19
0.20
0.13
0.15
Net
realized
and
unrealized
gains
(losses)
0.43
0.81
(1.73)
1.77
(0.44)
(0.28)
Total
from
Investment
Activities
0.49
0.98
(1.54)
1.97
(0.31)
(0.13)
Distributions
to
Shareholders
from:
Net
investment
income
(0.28)
(0.17)
(0.30)
(0.11)
(0.08)
(0.14)
Net
realized
gains
—
—
—
—
—
(0.12)
Total
Distributions
(0.28)
(0.17)
(0.30)
(0.11)
(0.08)
(0.26)
Net
Asset
Value,
End
of
Period
$7.52
$7.31
$6.50
$8.34
$6.48
$6.87
Total
Return(b)(c)
6.79%
15.22%
(19.16)%
30.62%
(4.60)%
(1.34)%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
0.70%
0.70%
0.70%
0.70%
0.70%
0.70%
Net
Investment
Income
(Loss)(d)
1.72%
2.58%
2.42%
2.59%
1.95%
2.26%
Gross
Expenses(d)(e)
1.15%
1.16%
1.21%
1.19%
1.32%
1.40%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$7,712
$7,614
$6,614
$8,574
$6,532
$8,482
Portfolio
Turnover(b)(f)
18%
49%
55%
47%
49%
56%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Annualized
for
periods
less
than
one
year.
(e)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(f)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
122
See
notes
to
financial
statements.
Victory
Trivalent
International
Small-Cap
Fund
Class
A
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$13.96
$12.43
$18.04
$12.83
$13.02
$14.46
Investment
Activities:
Net
investment
income
(loss)(a)
0.03(b)
0.20
0.18
0.14
0.06
0.13
Net
realized
and
unrealized
gains
(losses)
0.63
1.42
(4.40)
5.07
(0.02)
(1.22)
Total
from
Investment
Activities
0.66
1.62
(4.22)
5.21
0.04
(1.09)
Distributions
to
Shareholders
from:
Net
investment
income
(0.22)
(0.09)
(0.23)
—
(0.23)
(0.09)
Net
realized
gains
—
—
(1.16)
—
—
(0.26)
Total
Distributions
(0.22)
(0.09)
(1.39)
—
(0.23)
(0.35)
Net
Asset
Value,
End
of
Period
$14.40
$13.96
$12.43
$18.04
$12.83
$13.02
Total
Return
(excludes
sales
charge)(c)(d)
4.76%(b)
13.11%
(25.22)%
40.61%
0.15%
(7.12)%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
1.35%
1.35%
1.35%
1.35%
1.35%
1.35%
Net
Investment
Income
(Loss)(e)
0.45%(b)
1.55%
1.09%
0.91%
0.47%
1.02%
Gross
Expenses(e)(f)
1.70%
1.65%
1.63%
1.63%
1.63%
1.59%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$67,932
$71,343
$64,968
$93,832
$108,115
$137,665
Portfolio
Turnover(c)(g)
23%
54%
68%
64%
52%
54%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Includes
net
investment
income
received
on
EU
Reclaims
during
the
six
months
ended
December
31,
2023.  Without
these
amounts
the
net
investment
income
(loss)
per
share,
net
investment
income
(loss)
ratio,
and
total
return
would
have
been
less
by
0.001,
0.02%,
and
0.01%,
respectively.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
123
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Trivalent
International
Small-Cap
Fund
Class
C
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$13.46
$11.98
$17.46
$12.51
$12.71
$14.12
Investment
Activities:
Net
investment
income
(loss)(a)
(0.02)(b)
0.08
0.05
0.04
(0.03)
0.02
Net
realized
and
unrealized
gains
(losses)
0.59
1.40
(4.26)
4.91
(0.03)
(1.17)
Total
from
Investment
Activities
0.57
1.48
(4.21)
4.95
(0.06)
(1.15)
Distributions
to
Shareholders
from:
Net
investment
income
(0.07)
—
(0.11)
—
(0.14)
—
Net
realized
gains
—
—
(1.16)
—
—
(0.26)
Total
Distributions
(0.07)
—
(1.27)
—
(0.14)
(0.26)
Net
Asset
Value,
End
of
Period
$13.96
$13.46
$11.98
$17.46
$12.51
$12.71
Total
Return
(excludes
contingent
deferred
sales
charge)(c)(d)
4.27%(b)
12.35%
(25.84)%
39.57%
(0.65)%
(7.78)%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
2.10%
2.10%
2.10%
2.10%
2.10%
2.10%
Net
Investment
Income
(Loss)(e)
(0.31)%(b)
0.64%
0.30%
0.26%
(0.28)%
0.15%
Gross
Expenses(e)(f)
2.82%
2.57%
2.49%
2.41%
2.42%
2.42%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$1,638
$2,204
$3,283
$4,945
$4,327
$4,909
Portfolio
Turnover(c)(g)
23%
54%
68%
64%
52%
54%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Includes
net
investment
income
received
on
EU
Reclaims
during
the
six
months
ended
December
31,
2023.  Without
these
amounts
the
net
investment
income
(loss)
per
share,
net
investment
income
(loss)
ratio,
and
total
return
would
have
been
less
by
0.001,
0.02%,
and
0.01%,
respectively.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
124
See
notes
to
financial
statements.
Victory
Trivalent
International
Small-Cap
Fund
Class
I
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$14.09
$12.54
$18.19
$12.94
$13.13
$14.58
Investment
Activities:
Net
investment
income
(loss)(a)
0.06(b)
0.25
0.26
0.25
0.11
0.18
Net
realized
and
unrealized
gains
(losses)
0.63
1.44
(4.46)
5.07
(0.02)
(1.23)
Total
from
Investment
Activities
0.69
1.69
(4.20)
5.32
0.09
(1.05)
Distributions
to
Shareholders
from:
Net
investment
income
(0.28)
(0.14)
(0.29)
(0.07)
(0.28)
(0.14)
Net
realized
gains
—
—
(1.16)
—
—
(0.26)
Total
Distributions
(0.28)
(0.14)
(1.45)
(0.07)
(0.28)
(0.40)
Net
Asset
Value,
End
of
Period
$14.50
$14.09
$12.54
$18.19
$12.94
$13.13
Total
Return(c)(d)
4.88%(b)
13.62%
(24.96)%
41.16%
0.54%
(6.69)%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.95%
0.95%
0.95%
0.95%
0.95%
0.95%
Net
Investment
Income
(Loss)(e)
0.86%(b)
1.95%
1.56%
1.52%
0.88%
1.41%
Gross
Expenses(e)(f)
1.20%
1.21%
1.16%
1.17%
1.18%
1.16%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$2,506,288
$1,909,343
$1,655,788
$2,003,337
$1,014,425
$955,568
Portfolio
Turnover(c)(g)
23%
54%
68%
64%
52%
54%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Includes
net
investment
income
received
on
EU
Reclaims
during
the
six
months
ended
December
31,
2023.  Without
these
amounts
the
net
investment
income
(loss)
per
share,
net
investment
income
(loss)
ratio,
and
total
return
would
have
been
less
by
0.001,
0.02%,
and
0.01%,
respectively.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
125
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Trivalent
International
Small-Cap
Fund
Class
R6
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$14.15
$12.59
$18.26
$13.00
$13.19
$14.65
Investment
Activities:
Net
investment
income
(loss)(a)
0.05(b)
0.24
0.25
0.23
0.12
0.17
Net
realized
and
unrealized
gains
(losses)
0.64
1.45
(4.48)
5.09
(0.04)
(1.24)
Total
from
Investment
Activities
0.69
1.69
(4.23)
5.32
0.08
(1.07)
Distributions
to
Shareholders
from:
Net
investment
income
(0.27)
(0.13)
(0.28)
(0.06)
(0.27)
(0.13)
Net
realized
gains
—
—
(1.16)
—
—
(0.26)
Total
Distributions
(0.27)
(0.13)
(1.44)
(0.06)
(0.27)
(0.39)
Net
Asset
Value,
End
of
Period
$14.57
$14.15
$12.59
$18.26
$13.00
$13.19
Total
Return(c)(d)
4.87%(b)
13.55%
(25.02)%
41.06%
0.36%
(6.86)%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
1.03%
1.03%
1.03%
1.03%
1.06%
1.08%
Net
Investment
Income
(Loss)(e)
0.78%(b)
1.84%
1.52%
1.43%
0.94%
1.31%
Gross
Expenses(e)(f)
1.03%
1.03%
1.03%
1.03%
1.06%
1.08%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$128,508
$121,147
$123,487
$133,486
$73,480
$42,975
Portfolio
Turnover(c)(g)
23%
54%
68%
64%
52%
54%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Includes
net
investment
income
received
on
EU
Reclaims
during
the
six
months
ended
December
31,
2023.  Without
these
amounts
the
net
investment
income
(loss)
per
share,
net
investment
income
(loss)
ratio,
and
total
return
would
have
been
less
by
0.001,
0.02%,
and
0.01%,
respectively.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
126
See
notes
to
financial
statements.
Victory
Trivalent
International
Small-Cap
Fund
Class
Y
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$14.01
$12.47
$18.10
$12.88
$13.07
$14.52
Investment
Activities:
Net
investment
income
(loss)(a)
0.05(b)
0.23
0.22
0.22
0.10
0.16
Net
realized
and
unrealized
gains
(losses)
0.63
1.43
(4.42)
5.05
(0.03)
(1.22)
Total
from
Investment
Activities
0.68
1.66
(4.20)
5.27
0.07
(1.06)
Distributions
to
Shareholders
from:
Net
investment
income
(0.26)
(0.12)
(0.27)
(0.05)
(0.26)
(0.13)
Net
realized
gains
—
—
(1.16)
—
—
(0.26)
Total
Distributions
(0.26)
(0.12)
(1.43)
(0.05)
(0.26)
(0.39)
Net
Asset
Value,
End
of
Period
$14.43
$14.01
$12.47
$18.10
$12.88
$13.07
Total
Return(c)(d)
4.84%(b)
13.43%
(25.07)%
40.96%
0.41%
(6.88)%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
1.10%
1.10%
1.10%
1.10%
1.10%
1.10%
Net
Investment
Income
(Loss)(e)
0.69%(b)
1.78%
1.33%
1.35%
0.75%
1.21%
Gross
Expenses(e)(f)
1.16%
1.15%
1.12%
1.13%
1.19%
1.18%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$716,449
$794,375
$703,026
$1,099,890
$663,638
$666,547
Portfolio
Turnover(c)(g)
23%
54%
68%
64%
52%
54%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Includes
net
investment
income
received
on
EU
Reclaims
during
the
six
months
ended
December
31,
2023.  Without
these
amounts
the
net
investment
income
(loss)
per
share,
net
investment
income
(loss)
ratio,
and
total
return
would
have
been
less
by
0.001,
0.02%,
and
0.01%,
respectively.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
127
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Total
Return
Bond
Fund
Class
A
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$8.26
$8.62
$9.84
$9.91
$9.46
$9.21
Investment
Activities:
Net
investment
income
(loss)(a)
0.13
0.20
0.13
0.15
0.20
0.21
Net
realized
and
unrealized
gains
(losses)
0.10
(0.31)
(1.15)
0.01
0.50
0.32
Total
from
Investment
Activities
0.23
(0.11)
(1.02)
0.16
0.70
0.53
Distributions
to
Shareholders
from:
Net
investment
income
(0.14)
(0.25)
(0.20)
(0.23)
(0.25)
(0.28)
Total
Distributions
(0.14)
(0.25)
(0.20)
(0.23)
(0.25)
(0.28)
Net
Asset
Value,
End
of
Period
$8.35
$8.26
$8.62
$9.84
$9.91
$9.46
Total
Return
(excludes
sales
charge)(b)(c)
2.84%
(1.33)%
(10.48)%
1.67%
7.57%
5.77%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
0.85%
0.85%
0.85%
0.85%
0.85%
0.85%
Net
Investment
Income
(Loss)(d)
3.11%
2.32%
1.34%
1.51%
2.03%
2.32%
Gross
Expenses(d)(e)
1.41%
1.27%
1.20%
1.16%
1.11%
1.09%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$6,659
$6,955
$7,507
$9,380
$11,472
$12,248
Portfolio
Turnover(b)(f)
35%
59%
55%
79%
74%
150%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Annualized
for
periods
less
than
one
year.
(e)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(f)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
128
See
notes
to
financial
statements.
Victory
Total
Return
Bond
Fund
Class
C
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$8.33
$8.69
$9.92
$9.99
$9.53
$9.28
Investment
Activities:
Net
investment
income
(loss)(a)
0.09
0.13
0.05
0.08
0.12
0.15
Net
realized
and
unrealized
gains
(losses)
0.11
(0.31)
(1.15)
0.01
0.52
0.31
Total
from
Investment
Activities
0.20
(0.18)
(1.10)
0.09
0.64
0.46
Distributions
to
Shareholders
from:
Net
investment
income
(0.11)
(0.18)
(0.13)
(0.16)
(0.18)
(0.21)
Total
Distributions
(0.11)
(0.18)
(0.13)
(0.16)
(0.18)
(0.21)
Net
Asset
Value,
End
of
Period
$8.42
$8.33
$8.69
$9.92
$9.99
$9.53
Total
Return
(excludes
contingent
deferred
sales
charge)(b)(c)
2.41%
(2.03)%
(11.23)%
0.91%
6.76%
5.05%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
1.60%
1.60%
1.60%
1.60%
1.60%
1.60%
Net
Investment
Income
(Loss)(d)
2.32%
1.54%
0.56%
0.80%
1.27%
1.67%
Gross
Expenses(d)(e)
12.18%
9.74%
5.81%
3.68%
3.54%
3.12%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$105
$142
$163
$451
$727
$574
Portfolio
Turnover(b)(f)
35%
59%
55%
79%
74%
150%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Annualized
for
periods
less
than
one
year.
(e)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(f)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
129
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Total
Return
Bond
Fund
Class
R6
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$8.28
$8.64
$9.87
$9.94
$9.48
$9.23
Investment
Activities:
Net
investment
income
(loss)(a)
0.14
0.22
0.15
0.17
0.22
0.24
Net
realized
and
unrealized
gains
(losses)
0.10
(0.31)
(1.15)
0.02
0.51
0.31
Total
from
Investment
Activities
0.24
(0.09)
(1.00)
0.19
0.73
0.55
Distributions
to
Shareholders
from:
Net
investment
income
(0.15)
(0.27)
(0.23)
(0.26)
(0.27)
(0.30)
Total
Distributions
(0.15)
(0.27)
(0.23)
(0.26)
(0.27)
(0.30)
Net
Asset
Value,
End
of
Period
$8.37
$8.28
$8.64
$9.87
$9.94
$9.48
Total
Return(b)(c)
2.97%
(1.06)%
(10.30)%
1.93%
7.94%
6.05%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
0.58%
0.58%
0.58%
0.58%
0.58%
0.57%
Net
Investment
Income
(Loss)(d)
3.38%
2.59%
1.62%
1.73%
2.30%
2.61%
Gross
Expenses(d)(e)
0.64%
0.64%
0.63%
0.61%
0.59%
0.57%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$25,760
$26,311
$23,854
$26,970
$25,999
$24,929
Portfolio
Turnover(b)(f)
35%
59%
55%
79%
74%
150%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Annualized
for
periods
less
than
one
year.
(e)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(f)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
130
See
notes
to
financial
statements.
Victory
Total
Return
Bond
Fund
Class
Y
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Year
Ended
June
30,
2022
Year
Ended
June
30,
2021
Year
Ended
June
30,
2020
Year
Ended
June
30,
2019
Net
Asset
Value,
Beginning
of
Period
$8.28
$8.64
$9.87
$9.94
$9.47
$9.23
Investment
Activities:
Net
investment
income
(loss)(a)
0.14
0.22
0.15
0.17
0.22
0.24
Net
realized
and
unrealized
gains
(losses)
0.10
(0.31)
(1.15)
0.02
0.52
0.30
Total
from
Investment
Activities
0.24
(0.09)
(1.00)
0.19
0.74
0.54
Distributions
to
Shareholders
from:
Net
investment
income
(0.15)
(0.27)
(0.23)
(0.26)
(0.27)
(0.30)
Total
Distributions
(0.15)
(0.27)
(0.23)
(0.26)
(0.27)
(0.30)
Net
Asset
Value,
End
of
Period
$8.37
$8.28
$8.64
$9.87
$9.94
$9.47
Total
Return(b)(c)
2.96%
(1.08)%
(10.32)%
1.91%
7.92%
5.99%
Ratios
to
Average
Net
Assets:
Net
Expenses(d)(e)
0.60%
0.60%
0.60%
0.60%
0.60%
0.60%
Net
Investment
Income
(Loss)(d)
3.44%
2.56%
1.60%
1.74%
2.28%
2.63%
Gross
Expenses(d)(e)
0.65%
0.67%
0.65%
0.64%
0.62%
0.63%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$66,038
$29,920
$28,539
$31,032
$33,455
$31,026
Portfolio
Turnover(b)(f)
35%
59%
55%
79%
74%
150%
(a)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(b)
Not
annualized
for
periods
less
than
one
year.
(c)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(d)
Annualized
for
periods
less
than
one
year.
(e)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(f)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Notes
to
Financial
Statements
December
31,
2023
Victory
Portfolios
131
(Unaudited)
1.
Organization:
Victory
Portfolios
(the
“Trust”)
is
organized
as
a
Delaware
statutory
trust and
the Trust
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
investment
company.
The
Trust
is
comprised
of 37
funds
and
is
authorized
to
issue
an
unlimited
number
of
shares,
which
are
units
of
beneficial
interest
with a
par
value
of
$0.001
per
share.
The
accompanying
financial
statements
are
those
of
the
following 10
Funds
(collectively,
the
“Funds”
and
individually,
a
“Fund”).
Each
Fund is
classified
as
diversified
under
the
1940
Act.
Each
class
of
shares
of
a
Fund
has
substantially
identical
rights
and
privileges
except
with
respect
to
sales
charges,
fees
paid
under
distribution
plans,
expenses
allocable
exclusively
to
each
class
of
shares,
voting
rights
on
matters
solely
affecting
a
single
class
of
shares,
and
the
exchange
privilege
of
each
class
of
shares. Victory
Capital
Management
Inc.
(“VCM”
or
the
“Adviser”)
is
an
indirect
wholly
owned
subsidiary
of
Victory
Capital
Holdings,
Inc.,
a
publicly
traded
Delaware
corporation,
and
a
wholly
owned
direct
subsidiary
of
Victory
Capital
Operating,
LLC.
Under
the
Trust’s
organizational
documents,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Funds.
In
addition,
in
the
normal
course
of
business,
the
Funds
enter
into
contracts
with
their
vendors
and
others
that
provide
for
general
indemnifications.
The Funds’
maximum
exposure
under
these
arrangements
is
unknown,
as
this
would
involve
future
claims
that
may
be
made
against
the
Funds.
However,
based
on
experience,
the
Funds
expect
that
risk
of
loss
to
be
remote.
2.
Significant
Accounting
Policies:
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the Funds
in
the
preparation
of their
financial
statements.
 The
policies
are
in
conformity
with
U.S.
Generally
Accepted
Accounting
Principles
(“GAAP”).
The
preparation
of
financial
statements
in
accordance
with
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
for
the
period.
Actual
results
could
differ
from
those
estimates.
The
Funds
follow
the
specialized
accounting
and
reporting
requirements
under
GAAP
that
are
applicable
to
investment
companies
under
Accounting
Standards
Codification
Topic
946.
Investment
Valuation:
The
Funds
record
investments
at
fair
value.
Fair
value
is
defined
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
valuation
techniques
described
below
maximize
the
use
of
observable
inputs
and
minimize
the
use
of
unobservable
inputs
in
determining
fair
value.
The
inputs
used
for
valuing
the
Funds’
investments
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
quoted
prices
(unadjusted)
in
active
markets
for
identical
securities
Level
2
—
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
or
credit
spreads,
applicable
to
those
securities,
etc.)
Level
3
—
significant
unobservable
inputs
(including
the
Adviser’s
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
in
or
out
of
an
assigned
level
within
the
disclosure
hierarchy.
The
inputs
or
methodologies
used
for
valuation
techniques
are
not
necessarily
an
indication
of
the
risks
associated
with
entering
into
those
investments.
The
Adviser,
appointed
as the
valuation
designee
by the
Trust’s
Board
of
Trustees
(the
“Board”),
has
established
the
Pricing
and
Liquidity
Committee
(the
“Committee”),
and
subject
to Board
oversight,
the
Committee
administers
and
oversees
the
Funds’
valuation
policies
and
procedures,
which
were
approved
by
the
Board.
Portfolio
securities
listed
or
traded
on
securities
exchanges,
including
Exchange-Traded
Funds
(“ETFs”),
and
American
Depositary
Receipts,
are
valued
at
the
last
sale
price
on
the
exchange
or
system
where
the
security
is
principally
traded,
if
available,
or
at
the
Nasdaq
Official
Closing
Price.
If
there
have
been
no
sales
for
that
day
on
the
exchange
or
system,
then
a
security
is
valued
at
the
closing bid
quotation
on
the
exchange
or
system
where
the
security
is
principally
traded.
In
each
of
these
situations,
valuations
are
typically
categorized
as
Level
1
in
the
fair
value
hierarchy.
Investments
in
open-end
investment
companies,
other
than
ETFs, are
valued
at their
net
asset
value
(“NAV”).
These
valuations
are
typically
categorized
as
Level
1 in
the
fair
value
hierarchy.
Funds
(Legal
Name)
Funds
(Short
Name)
Investment
Share
Classes
Offered
Victory
Integrity
Discovery
Fund
Integrity
Discovery
Fund
A,
C,
R,
Y,
and
Member
Class
Victory
Integrity
Mid-Cap
Value
Fund
Integrity
Mid-Cap
Value
Fund
A,
C,
R6,
Y,
and
Member
Class
Victory
Integrity
Small-Cap
Value
Fund
Integrity
Small-Cap
Value
Fund
A,
C,
R,
R6,
and
Y
Victory
Integrity
Small/Mid-Cap
Value
Fund
Integrity
Small/Mid-Cap
Value
Fund
A,
R6,
Y,
and
Member
Class
Victory
Munder
Multi-Cap
Fund
Munder
Multi-Cap
Fund
A,
C,
and
Y
Victory
S&P
500
Index
Fund
S&P
500
Index
Fund
A,
R,
and
Y
Victory
Munder
Mid-Cap
Core
Growth
Fund
Munder
Mid-Cap
Core
Growth
Fund
A,
C,
R,
R6,
and
Y
Victory
Trivalent
International
Fund
—
Core
Equity
Trivalent
International
Fund
—
Core
Equity
A,
I,
R6
and
Y
Victory
Trivalent
International
Small-Cap
Fund
Trivalent
International
Small-Cap
Fund
A,
C,
I,
R6,
and
Y
Victory
Total
Return
Bond
Fund
Total
Return
Bond
Fund
A,
C,
R6,
and
Y
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
132
(Unaudited)
Debt
securities
are
valued
each
business
day
by
a
pricing
service
approved
by
the
valuation
designee
and
subject
to
the
oversight
of
the
Board.
The
pricing
service
uses
the
evaluated
bid
or market
quotes to
value
securities.
Debt
obligations
maturing
within
60
days
may
be
valued
at
amortized
cost,
provided
that
the
amortized
cost
represents
the
fair
value
of
such
securities.
These
valuations
are
typically
categorized
as
Level
2
in
the
fair
value
hierarchy.
Futures
contracts
are
valued
at
the
settlement
price
established
each
day
by
the
board
of
trade
or
an
exchange
on
which
they
are
traded.
These
valuations
are
typically
categorized
as
Level
1
in
the
fair
value
hierarchy.
In
the
event
that
price
quotations
or
valuations
are
not
readily
available,
investments
are
valued
at
fair
value
in
accordance
with
procedures
established
by
and
under
the
general
supervision
and
responsibility
of
the
Board.
These
valuations
are
typically
categorized
as
Level
2
or
Level
3
in
the
fair
value
hierarchy,
based
on
the
observability
of
inputs
used
to
determine
the
fair
value.
The
effect
of
fair
value
pricing
is
that
securities
may
not
be
priced
on
the
basis
of
quotations
from
the
primary
market
in
which
they
are
traded
and
the
actual
price
realized
from
the
sale
of
a
security
may
differ
materially
from
the
fair
value
price.
Valuing
these
securities
at
fair
value
is
intended
to
cause
the
Funds’
NAV to
be
more
reliable
than
it
otherwise
would
be.
In
accordance
with
procedures
adopted
by
the
Board,
fair
value
pricing
may
be
used
if
events
materially
affecting
the
value
of
foreign
securities
occur
between
the
time
the
exchange
on
which
they
are
traded
closes
and
the
time
the
Funds’
NAV is
calculated.
The Funds use
a
systematic
valuation
model,
provided
daily
by
an
independent
third
party
to
fair
value
their
international
equity
securities.
These
valuations
are categorized
as
Level
2
in
the
fair
value
hierarchy.
A
summary
of
the
valuations
as
of
December
31,
2023,
based
upon
the
three
levels
defined
above,
is
included
in
the
table
below
while
the
breakdown,
by
category,
of
investments
is
disclosed
on
the
Schedules
of
Portfolio
Investments
(amounts
in
thousands):
Level
1
Level
2
Level
3
Total
Integrity
Discovery
Fund
Common
Stocks
...............................................
$
62,315
$
—
$
—
$
62,315
Collateral
for
Securities
Loaned
...................................
1,175
—
—
1,175
Total
.......................................................
$
63,490
$
—
$
—
$
63,490
Integrity
Mid-Cap
Value
Fund
Common
Stocks
...............................................
325,657
—
—
325,657
Total
.......................................................
$
325,657
$
—
$
—
$
325,657
Integrity
Small-Cap
Value
Fund
Common
Stocks
...............................................
1,522,523
—
—
1,522,523
Exchange-Traded
Funds
.........................................
2,641
—
—
2,641
Collateral
for
Securities
Loaned
...................................
23
—
—
23
Total
.......................................................
$
1,525,187
$
—
$
—
$
1,525,187
Integrity
Small/Mid-Cap
Value
Fund
Common
Stocks
...............................................
304,708
—
—
304,708
Total
.......................................................
$
304,708
$
—
$
—
$
304,708
Munder
Multi-Cap
Fund
Common
Stocks
...............................................
405,223
—
—
405,223
Exchange-Traded
Funds
.........................................
8,048
—
—
8,048
Collateral
for
Securities
Loaned
...................................
4,320
—
—
4,320
Total
.......................................................
$
417,591
$
—
$
—
$
417,591
S&P
500
Index
Fund
Common
Stocks
...............................................
252,641
—
—
252,641
Total
.......................................................
$
252,641
$
—
$
—
$
252,641
Other
Financial
Investments:*
Assets:
Futures
Contracts
..............................................
34
—
—
34
Total
.......................................................
$
34
$
—
$
—
$
34
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
133
(Unaudited)
As
of December
31,
2023,
there
were
no
significant
transfers
into/out
of
Level
3.
Real
Estate
Investment
Trusts
(“REITs”):
The
Funds
may
invest
in
REITs,
which
report
information
on
the
source
of
their
distributions
annually.
REITs
are
pooled
investment
vehicles
that
invest
primarily
in
income-producing
real
estate
or
real
estate
related
loans
or
interests
(such
as
mortgages).
Certain
distributions
received
from
REITs
during
the
year
are
recorded
as
realized
gains
or
return
of
capital
as
estimated
by
the
Funds
or
when
such
information
becomes
known.
Investment
Companies:
Exchange-Traded
Funds:
The Funds
may
invest
in
ETFs,
the
shares
of
which
are
bought
and
sold
on
a
securities
exchange.
An
ETF
trades
like
common
stock
and
represents
a
fixed
portfolio
of
securities
often
designed
to
track
the
performance
and
dividend
yield
of
a
particular
domestic
or
foreign
market
index.
Among
other
purposes,
the
Funds
may
purchase
shares
of
an
ETF
to
temporarily
gain
exposure
to
a
portion
of
the
U.S.
or
a
foreign
market
while
awaiting
purchase
of
underlying
securities.
The
risks
of
owning
an
ETF
generally
reflect
the
risks
of
owning
the
underlying
securities
the
ETF
is
designed
to
track,
although
the
lack
of
liquidity
of
an
ETF
could
result
in
it
being
more
volatile.
Additionally,
ETFs
have
fees
and
expenses
that
reduce
their
value.
Open-End
Funds:
The
Funds
may
invest
in
portfolios
of
open-end
investment
companies.
These
investment
companies
value
securities
in
their
portfolios
for
which
market
quotations
are
readily
available
at
their
market
values
(generally
the
last
reported
sale
price)
and
all
other
securities
and
assets
at
their
fair
value
by
the
methods
established
by
the
board
of
directors
of
the
underlying
funds.
Level
1
Level
2
Level
3
Total
Munder
Mid-Cap
Core
Growth
Fund
Common
Stocks
...............................................
$
322,393
$
—
$
—
$
322,393
Exchange-Traded
Funds
.........................................
6,748
—
—
6,748
Total
.......................................................
$
329,141
$
—
$
—
$
329,141
Trivalent
International
Fund
-
Core
Equity
Common
Stocks
...............................................
21,816
178,982
1
200,799
Exchange-Traded
Funds
.........................................
2,913
—
—
2,913
Total
.......................................................
$
24,729
$
178,982
$
1
$
203,712
Trivalent
International
Small-Cap
Fund
Common
Stocks
...............................................
398,810
2,988,804
—
3,387,614
Collateral
for
Securities
Loaned
...................................
23,634
—
—
23,634
Total
.......................................................
$
422,444
$
2,988,804
$
—
$
3,411,248
Total
Return
Bond
Fund
Asset-Backed
Securities
.........................................
—
5,849
—
5,849
Collateralized
Mortgage
Obligations
................................
—
7,230
—
7,230
Corporate
Bonds
..............................................
—
23,256
—
23,256
Yankee
Dollars
...............................................
—
3,334
—
3,334
U.S.
Government
Agency
Mortgages
................................
—
18,245
—
18,245
U.S.
Treasury
Obligations
........................................
—
37,989
—
37,989
Commercial
Paper
.............................................
—
1,899
—
1,899
Collateral
for
Securities
Loaned
...................................
285
—
—
285
Total
.......................................................
$
285
$
97,802
$
—
$
98,087
*
Futures
Contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
investment.
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
134
(Unaudited)
Mortgage-
and
Asset-Backed
Securities:
The
values
of
some
mortgage-related
or
asset-backed
securities
may
be
particularly
sensitive
to
changes
in
prevailing
interest
rates.
Early
repayment
of
principal
on
some
mortgage-related
securities
may
expose
the
Funds
to
a
lower
rate
of
return
upon
reinvestment
of
principal.
The
values
of
mortgage-
and
asset-backed
securities
depend
in
part
on
the
credit
quality
and
adequacy
of
the
underlying
assets
or
collateral
and
may
fluctuate
in
response
to
the
market’s
perception
of
these
factors
as
well
as
current
and
future
repayment
rates.
Some
mortgage-backed
securities
are
backed
by
the
full
faith
and
credit
of
the
U.S.
government
(e.g.,
mortgage-backed
securities
issued
by
the
Government
National
Mortgage
Association,
commonly
known
as
“Ginnie
Mae”),
while
other
mortgage-backed
securities
(e.g.,
mortgage-backed
securities
issued
by
the
Federal
National
Mortgage
Association
and
the
Federal
Home
Loan
Mortgage
Corporation,
commonly
known
as
“Fannie
Mae”
and
“Freddie
Mac,”
respectively),
are
backed
only
by
the
credit
of
the
government
entity
issuing
them.
In
addition,
some
mortgage-backed
securities
are
issued
by
private
entities
and,
as
such,
are
not
guaranteed
by
the
U.S.
government
or
any
agency
or
instrumentality
of
the
U.S.
government.
Derivative
Instruments:
Foreign
Exchange
Currency
Contracts:
The Funds
may
enter
into
foreign
exchange
currency
contracts
to
convert
U.S.
dollars
to
and
from
various
foreign
currencies.
A
foreign
exchange
currency
contract
is
an
obligation
by the
Funds
to
purchase
or
sell
a
specific
currency
at
a
future
date
at
a
price
(in
U.S.
dollars)
set
at
the
time
of
the
contract.
The
Funds
do
not
engage
in
“cross-currency”
foreign
exchange
contracts
(i.e.,
contracts
to
purchase
or
sell
one
foreign
currency
in
exchange
for
another
foreign
currency).
The
Funds’
foreign
exchange
currency
contracts
might
be
considered
spot
contracts
(typically
a
contract
of
one
week
or
less)
or
forward
contracts
(typically
a
contract
term
over
one
week).
A
spot
contract
is
entered
into
for
purposes
of
hedging
against
foreign
currency
fluctuations
relating
to
a
specific
portfolio
transaction,
such
as
the
delay
between
a
security
transaction
trade
date
and
settlement
date.
Forward
contracts
are
entered
into
for
purposes
of
hedging
portfolio
holdings
or
concentrations
of
such
holdings.
Each
foreign
exchange
currency
contract
is
adjusted
daily
by
the
prevailing
spot
or
forward
rate
of
the
underlying
currency,
and
any
appreciation
or
depreciation
is
recorded
for
financial
statement
purposes
as
unrealized
until
the
contract
settlement
date,
at
which
time
the
Funds
record
realized
gains
or
losses
equal
to
the
difference
between
the
value
of
a
contract
at
the
time
it
was
opened
and
the
value
at
the
time
it
was
closed. The
Funds
could
be
exposed
to
risk
if
a
counterparty
is
unable
to
meet
the
terms
of
a
foreign
exchange
currency
contract
or
if
the
value
of
the
foreign
currency
changes
unfavorably.
In
addition,
the
use
of
foreign
exchange
currency
contracts
does
not
eliminate
fluctuations
in
the
underlying
prices
of
the
securities.
The
Funds
enter
into
foreign
exchange
currency
contracts
solely
for
spot
or
forward
hedging
purposes,
and
not
for
speculative
purposes
(i.e.,
the
Funds
do
not
enter
into
such
contracts
solely
for
the
purpose
of
earning
foreign
currency
gains).
 As
of December
31,
2023,
the
Funds
had
no
open
forward
foreign
exchange
currency
contracts.
Futures
Contracts:
The
Funds
may
enter
into
contracts
for
the
future
delivery
of
securities
or
foreign
currencies
and
futures
contracts
based
on
a
specific
security,
class
of
securities,
foreign
currency
or
an
index,
and
purchase
or
sell
options
on
any
such
futures
contracts.
A
futures
contract
on
a
securities
index
is
an
agreement
obligating
either
party
to
pay,
and
entitling
the
other
party
to
receive,
while
the
contract
is
outstanding,
cash
payments
based
on
the
level
of
a
specified
securities
index.
No
physical
delivery
of
the
underlying
asset
is
made.
The
Funds
may
enter
into
futures
contracts
in
an
effort
to
hedge
against
market
risks.
The
acquisition
of
put
and
call
options
on
futures
contracts
will
give
the
Funds
the
right
(but
not
the
obligation),
for
a
specified
price,
to
sell
or
to
purchase
the
underlying
futures
contract,
upon
exercise
of
the
option,
at
any
time
during
the
option
period.
Futures
transactions
involve
brokerage
costs and
a
good
faith
margin
deposit,
known
as
initial
margin,
of
cash
or
government
securities
with
a
broker
or
custodian
is
required
to
initiate
and
maintain
open
positions
in
futures
contracts.
Subsequent
payments,
known
as
variation
margin,
are
made
or
received
by
the
Funds
based
on
the
change
in
the
market
value
of
the
position
and
are
recorded
as
unrealized
appreciation
or
depreciation
until
the
contract
is
closed
out,
at
which
time
the
gain
or
loss
is
realized.
The
Funds
may
lose
the
expected
benefit
of
futures
transactions
if
interest
rates,
exchange
rates
or
securities
prices
change
in
an
unanticipated
manner.
Such
unanticipated
changes
may
also
result
in
lower
overall
performance
than
if
the
Funds
had
not
entered
into
any
futures
transactions.
In
addition,
the
value
of
the
Funds’
futures
positions
may
not
prove
to
be
perfectly
or
even
highly
correlated
with
the
value
of
its
portfolio
securities
or
foreign
currencies,
limiting
the
Funds’
ability
to
hedge
effectively
against
interest
rate,
exchange
rate
and/or
market
risk
and
giving
rise
to
additional
risks.
There
is
no
assurance
of
liquidity
in
the
secondary
market
for
purposes
of
closing
out
futures
positions.
The
collateral
held
by
the
Funds
is
reflected
on
the
Statements
of
Assets
and
Liabilities
under
Deposit
with
broker
for
futures
contracts.
Management
has
determined
that
no
offsetting
requirements
exist
as
a
result
of
their
conclusion
that
the
Funds
are
not
subject
to
master
netting
agreements
for
futures
contracts. During
the
six
months
ended December
31,
2023,
the S&P
500
Index
Fund
and
the
Total
Return
Bond
Fund entered
into
futures
contracts
primarily
for
the
strategy
of
hedging
or
other
purposes,
including
but
not
limited
to,
providing
liquidity
and
equitizing
cash.
Credit
Derivatives:
The
Total
Return
Bond
Fund may
enter
into
credit
derivatives,
including
centrally
cleared
credit
default
swaps
on
individual
obligations
or
credit
indices.
The
Funds
may
use
these
investments
(i)
as
alternatives
to
direct
long
or
short
investment
in
a
particular
security
or
securities,
(ii)
to
adjust
the
Funds’
asset
allocations
or
risk
exposures,
or
(iii)
for
hedging
purposes.
The
use
by
the
Funds
of
centrally
cleared
credit
default
swaps
may
have
the
effect
of
creating
a
short
position
in
a
security.
Credit
derivatives
can
create
investment
leverage
and
may
create
additional
investment
risks
that
may
subject
the
Funds
to
greater
volatility
than
investments
in
more
traditional
securities,
as
described
in
the
Funds’
Statements
of
Additional
Information.
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
135
(Unaudited)
Centrally
cleared
credit
default
swap
(“CDS”)
agreements
on
credit
indices
involve
one
party
making
a
stream
of
payments
(referred
to
as
the
buyer
of
protection)
to
another
party
(the
seller
of
protection)
in
exchange
for
the
right
to
receive
a
specified
return
in
the
event
of
a
write-down,
principal
shortfall,
interest
shortfall
or
default
of
all
or
part
of
the
referenced
entities
comprising
the
credit
index.
A
credit
index
is
a
basket
of
credit
instruments
or
exposures
designed
to
be
representative
of
a
specific
sector
of
the
credit
market
as
a
whole.
These
indices
are
made
up
of
reference
credits
that
are
judged
by
a
poll
of
dealers
to
be
the
most
liquid
entities
in
the
CDS.
The
counterparty
risk
for
cleared
swap
agreements
is
generally
lower
than
uncleared
over-the-counter
swap
agreements
because
generally
a
clearing
organization
becomes
substituted
for
each
counterparty
to
a
centrally
cleared
swap
agreement
and,
in
effect,
guarantees
each
party’s
performance
under
the
contract
as
each
party
to
a
trade
looks
only
to
the
clearing
organization
for
performance
of
financial
obligations.
However,
there
can
be
no
assurance
that
the
clearing
organization,
or
its
members,
will
satisfy
its
obligations
to
the
Funds.
The
Funds may
enter
into
CDS
agreements
either
as
a
buyer
or
seller.
The Funds may
buy
protection
under
a
CDS
to
attempt
to
mitigate
the
risk
of
default
or
credit
quality
deterioration
in
one
or
more
individual
holdings
or
in
a
segment
of
the
fixed
income
securities
market.
The
Funds
may
sell
protection
under
a
CDS
in
an
attempt
to
gain
exposure
to
an
underlying
issuer’s
credit
quality
characteristics
without
investing
directly
in
that
issuer.
For
swaps
entered
with
an
individual
counterparty,
the
Funds
bear
the
risk
of
loss
of
the
uncollateralized
amount
expected
to
be
received
under
a
CDS
agreement
in
the
event
of
the
default
or
bankruptcy
of
the
counterparty.
CDS
agreements
are
generally
valued
at
a
price
at
which
the
counterparty
to
such
agreement
would
terminate
the
agreement.
The
Funds
may
also
enter
into
centrally
cleared
swaps.
Upon
entering
into
a
cleared
CDS,
the
Funds may
be
required
to
deposit
with
the
broker
an
amount
of
cash
or
cash
equivalents
in
the
range
of
approximately
3%
to
6%
of
the
notional
amount
for
CDS
on
high
yield
debt
issuers
(this
amount
is
subject
to
change
by
the
clearing
organization
that
clears
the
trade).
This
amount,
known
as
“initial
margin,”
is
in
the
nature
of
a
performance
bond
or
good
faith
deposit
on
the
CDS
and
is
returned
to
a
Fund
upon
termination
of
the
CDS,
assuming
all
contractual
obligations
have
been
satisfied.
Subsequent
payments,
known
as
“variation
margin,”
to
and
from
the
broker
will
be
made
daily
as
the
price
of
the
CDS
fluctuates,
making
the
long
and
short
positions
in
the
CDS
contract
more
or
less
valuable,
a
process
known
as
“marking-to-market.”
The
premium
(discount)
payments
are
built
into
the
daily
price
of
the
CDS
and
thus
are
amortized
through
the
variation
margin.
The
variation
margin
payment
also
includes
the
daily
portion
of
the
periodic
payment
stream.
The
maximum
potential
amount
of
future
payments
(undiscounted)
that
the Funds
as
a
seller
of
protection
could
be
required
to
make
under
a
CDS
agreement
equals
the
notional
amount
of
the
agreement.
Notional
amounts
of
each
individual
CDS
agreement
outstanding
as
of
period end
for
which
the
Funds
are
the
sellers
of
protection
are
disclosed
on
the
Schedules
of
Portfolio
Investments.
These
potential
amounts
would
be
partially
offset
by
any
recovery
values
of
the
respective
referenced
obligations,
upfront
payments
received
upon
entering
into
the
agreement,
periodic
interest
payments,
or
net
amounts
received
from
the
settlement
of
buy
protection
CDS
agreements
entered
into
by
the
Funds
for
the
same
referenced
entity
or
entities.
The
collateral
held
by
the
Funds
is
reflected
on
the
Statements
of
Assets
and
Liabilities
under
Deposit
with
broker
for
swap
agreements. 
The
Funds
did
not
hold
swap
contracts
as
of
December
31,
2023.
Management
has
determined
that
no
offsetting
requirements
exist
as
a
result
of
their
conclusion
that
the Fund
is not
subject
to
master
netting
agreements
for swaps
contracts. The
Total
Return
Bond
Fund
entered
into
centrally
cleared
CDS
agreements
primarily
for
the
strategy
of
asset
allocation
and
risk
exposure
management
during
the
period.
Summary
of
Derivative
Instruments:
The
following
table
summarizes
the
fair
values
of
derivative
instruments
on
the
Statements
of
Assets
and
Liabilities,
categorized
by
risk
exposure,
as
of
December
31,
2023
(amounts
in
thousands):
*
Includes
cumulative
unrealized appreciation
(depreciation)
of
futures
contracts as
reported
on
the
Schedule
of
Portfolio
Investments.
Only
current
day’s
variation
margin
for
futures
contracts
is
reported
within
the
Statement
of
Assets
and
Liabilities.
Assets
Variation
Margin
Receivable
on
Open
Futures
Contracts*
Equity
Risk
Exposure:
34,000
S&P
500
Index
Fund
.................................................................................
$
34
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
136
(Unaudited)
The
following
table
presents the
effect
of
derivative
instruments
on
the
Statements
of
Operations,
categorized
by
risk
exposure,
for
the period
ended
December
31,
2023
(amounts
in
thousands):
All
open
derivative
positions
at
period
end
are
reflected
on
each
respective
Fund’s
Schedule
of
Portfolio
Investments.
The
underlying
face
value
of
open
derivative
positions
relative
to
each
Fund’s
net
assets
at
period end
is
generally
representative
of
the
notional
amount
of
open
positions
to
net
assets
throughout
the
period.
Investment
Transactions
and
Related
Income:
Changes
in
holdings
of
investments
are
accounted
for
no
later
than
one
business
day
following
the
trade
date.
For
financial
reporting
purposes,
however,
investment
transactions
are
accounted
for
on
trade
date
or
the
last
business
day
of
the
reporting
period.
Interest
income
is
determined
on
the
basis
of
coupon
interest
accrued
and
recorded
daily
 using
the
effective
interest
method
which
adjusts,
where
applicable,
the
amortization
of
premiums
or
accretion
of
discounts. Dividend
income
is
recorded
on
the
ex-dividend
date.
Non-cash
dividends
included
in
income,
if
any,
are
recorded
at
the
fair
value
of
the
securities
received. Gains
or
losses
realized
on
sales
of
securities
are
recorded
on
the
identified
cost
basis.
Paydown
gains
or
losses
on
applicable
securities,
if
any,
are
recorded
as
components
of
Interest
income
on
the
Statements
of
Operations. 
Withholding
taxes
on
interest,
dividends,
and
gains
as
a
result
of
certain
investments
by
the
Funds
have
been
provided
for
in
accordance
with
each
investment’s
applicable
country’s
tax
rules
and
rates.
Securities
Lending:
The
Funds, through
a Securities
Lending
Agreement with
Citibank,
N.A.
(“Citibank”), may
lend
their
securities
to
qualified
financial
institutions,
such
as
certain
broker-dealers
and
banks,
to
earn
additional
income,
net
of
income
retained
by
Citibank. 
Borrowers
are
required
to
initially
secure
their
loans for
collateral
in
the
amount
of
at
least
102%
of
the
value
of
U.S.
securities
loaned
or
at
least
105%
of
the
value
of
non-U.S.
securities
loaned,
marked-to-market
daily.
Any
collateral
shortfalls
associated
with
increases
in
the
valuation
of
the
securities
loaned
are
generally
cured the
next
business
day.
The
collateral
can
be
received
in
the
form
of
cash
collateral
and/or
non-cash
collateral.
Non-
cash
collateral
can
include
U.S.
Government
Securities and
other
securities
as
permitted
by
Securities
and
Exchange
Commission
(“SEC”)
guidelines.
The
cash
collateral
is
invested
in
short-term
instruments
or
cash
equivalents,
primarily
open-end
investment
companies,
as
noted
on
the
Funds’
Schedules
of
Portfolio
Investments.
The
Funds
effectively
do not
have
control
of
the
non-cash
collateral
and
therefore
it
is
not
disclosed
on
the
Funds’
Schedules
of
Portfolio
Investments.
Collateral
requirements
are
determined
daily
based
on
the
value
of
the
Funds’
securities
on
loan
as
of
the
end
of
the prior
business
day. 
During
the
time
portfolio
securities
are
on
loan,
the
borrower
will
pay
the
Funds
any
dividends
or
interest
paid
on
such
securities
plus
any
fee
negotiated
between
the
parties
to
the
lending
agreement.
The
Funds
also
earn
a
return
from
the
collateral.
The
Funds
pay
Citibank
various
fees
in
connection
with
the
investment
of
cash
collateral
and
fees
based
on
the
investment
income
received
from
securities
lending
activities.
Securities
lending
income
(net
of
these
fees)
is
disclosed
on
the
Statements
of
Operations.
Loans
are
terminable
upon
demand
and
the
borrower
must
return
the
loaned
securities
within
the
lesser
of
one
standard
settlement
period
or
five
business
days. 
Although
risk
is
mitigated
by
the
collateral, a
Fund could
experience
a
delay
in
recovering
its
securities
and
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
them.
In
addition,
there
is
a
risk that
the
value
of
the
short-term
investments
will
be
less
than
the
amount
of
cash
collateral
required
to
be
returned
to
the
borrower.
The
Funds’
agreement
with
Citibank
does
not
include
master
netting
provisions.
Non-cash
collateral
received
by
the
Funds
may
not
be
sold
or
repledged,
except
to
satisfy
borrower
default.
Net
Realized
Gains
(Losses)
from
Futures
Contracts
Net
Realized
Gains
(Losses)
from
Swap
Agreements
Net
Change
in
Unrealized
Appreciation/
Depreciation
on
Futures
Contracts
Net
Change
in
Unrealized
Appreciation/
Depreciation
on
Swap
Agreements
Equity
Risk
Exposure:
(85,000)
–
28,000
–
S&P
500
Index
Fund
..............................
$
44
$
–
$
(30)
$
–
Total
Return
Bond
Fund
............................
(129)
–
58
–
Credit
Risk
Exposure:
–
35,000
–
(28,000)
Total
Return
Bond
Fund
............................
–
35
–
(28)
Currency
Risk
Exposure:
44,000
–
(28,000)
–
Total
Return
Bond
Fund
............................
44
–
(28)
–
Interest
Rate
Risk
Exposure:
(642,000)
–
58,000
–
Total
Return
Bond
Fund
............................
(642)
–
58
–
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
137
(Unaudited)
The
following
table
is
a
summary
of
the
Funds’
securities
lending
transactions
as
of
December
31,
2023.
Foreign
Currency
Translations:
The
accounting
records
of
the
Funds
are
maintained
in
U.S.
dollars.
Investment
securities
and
other
assets
and
liabilities
of
a
Fund
denominated
in
a
foreign
currency
are
translated
into
U.S.
dollars
at
current
exchange
rates.
Purchases
and
sales
of
securities,
income
receipts
and
expense
payments
are
translated
into
U.S.
dollars
at
the
exchange
rates
on
the
date
of
the
transactions.
The
Funds
do
not
isolate
the
portion
of
the
results
of
operations
resulting
from
changes
in
foreign
exchange
rates
on
investments
from
fluctuations
arising
from
changes
in
market
prices
of
securities
held.
Such
fluctuations,
if
any, are
disclosed
as
Net
change
in
unrealized
appreciation/depreciation
on investment
securities
and
foreign
currency
translations
on
the
Statements
of
Operations.
Any
realized
gains
or
losses
from
these
fluctuations,
if
any, are
disclosed
as
Net
realized
gains
(losses)
from
investment
securities
and
foreign
currency
transactions
on
the
Statements
of
Operations.
Mortgage
Dollar
Rolls:
The
Total
Return
Bond
Fund
may
enter
into
mortgage
dollar
roll
transactions
in
which
the
Fund
sells
a
mortgage-backed
security
to
a
counterparty
to
buy
back
similar,
but
not
identical,
securities
on
a
specific
future
date
at
a
predetermined
price.
Mortgage
dollar
rolls
may
be
renewed
by
a
new
sale
and
repurchased
with
a
cash
settlement
at
each
renewal
without
physical
delivery
of
the
securities.
Certain
risks
may
arise
upon
entering
into
mortgage
dollar
rolls
from
the
potential
inability
of
counterparties
to
meet
the
terms
of
their
commitments.
Additionally,
the
value
of
such
securities
may
change
adversely
before
the
Fund
is
able
to
repurchase
them.
Mortgage
dollar
rolls
are
treated
as
financing
transactions
unless
the
sale
and
repurchase
are
determined
to
involve
securities
that
are
not
substantially
the
same.
Therefore,
any
gain
or
loss
is
considered
unrealized
until
the
roll
reaches
ultimate
disposition
or
the
sale
and
repurchase
are
determined
to
involve
securities
that
are
not
substantially
the
same.
Income
is
generated
as
consideration
for
entering
into
these
transactions
and
is
included
in
mortgage
dollar
roll
income
on
the
Fund’s
Statement
of
Operations.
For
the six
months
ended
December
31,
2023,
there
were
no
mortgage
dollar
roll
transactions.
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
related
to
foreign
income
received
(a
portion
of
which
may
be
reclaimable),
capital
gains
on
the
sale
of
securities,
and
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
the
Funds
invest.
The
Trivalent
International
Small-Cap
Fund
received
European
Union
(“EU”)
reclaims
related
to
prior
years.
For
the six
months ended
December
31,
2023,
the
Fund
recognized
$290
thousand
related
to
EU
reclaims
and
$2
thousand
in
interest
and
entitlements.
These
EU
reclaims
and
related
interest
and
entitlements
are
reflected
on
the
Statements
of
Operations
as
a
reduction
to
Foreign
tax
withholding
expense.
Federal
Income
Taxes:
Each
Fund
intends
to
continue
to
qualify
as
a
regulated
investment
company
by
complying
with
the
provisions
available
to
certain
investment
companies,
as
defined
in
applicable
sections
of
the
Internal
Revenue
Code,
and
to
make
distributions
of
net
investment
income
and
net
realized
gains
sufficient
to
relieve
it
from
all,
or
substantially
all,
federal
income
taxes.
Accordingly,
no
provision
for
federal
income
taxes
is
required
in
the
financial
statements.
The
Funds
have
a
tax
year
end
of
June
30.
For
the
six
months
ended
December
31,
2023,
the
Funds
did
not
incur
any
income
tax,
interest,
or
penalties,
and
have
recorded
no
liability
for
net
unrecognized
tax
benefits
relating
to
uncertain
tax
positions.
Management
of
the
Funds
has
reviewed
tax
positions
taken
in
tax
years
that
remain
subject
to
examination
by
all
major
tax
jurisdictions,
including
federal
(i.e.,
the
last
four
tax
years,
which
includes
the
current
fiscal
tax
year
end).
Management
believes
that
there
is
no
tax
liability
resulting
from
unrecognized
tax
benefits
related
to
uncertain
tax
positions
taken.
Allocations:
Expenses
directly
attributable
to a
Fund
are
charged
to that
Fund,
while
expenses
that
are
attributable
to
more
than
one
fund
in
the
Trust,
or
jointly
with
an
affiliated
trust,
are
allocated
among
the
respective
funds
in
the
Trust
and/or
an
affiliated
trust
based
upon
net
assets
or
another
appropriate
basis.
Income,
expenses
(other
than
class-specific
expenses
such
as
transfer
agent
fees,
state
registration
fees,
printing
fees,
and
12b-1
fees),
and
realized
and
unrealized
gains
or
losses
on
investments
are
allocated
to
each
class
of
shares
based
on
its
relative
net
assets
on
the
date
income
is
earned
or
expenses
and
realized
and
unrealized
gains
and
losses
are
incurred.
Value
of
Securities
on
Loan
Non-Cash
Collateral
Cash
Collateral
Integrity
Discovery
Fund
...........................................
$
1,135
$
—
$
1,175
Integrity
Small-Cap
Value
Fund
.......................................
22
—
23
Munder
Multi-Cap
Fund
............................................
4,216
—
4,320
Trivalent
International
Small-Cap
Fund
.................................
31,829
9,873
23,634
Total
Return
Bond
Fund
............................................
276
—
285
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
138
(Unaudited)
3.
Purchases
and
Sales:
Purchases
and sales
of
securities
(excluding
securities
maturing
less
than
one
year
from
acquisition)
for
the
six
months
ended
December
31,
2023,
were
as
follows
(amounts
in
thousands):
4.
Affiliated
Fund
Ownership:
The
Funds
offer
shares
for
investment
by
other
funds,
including
funds
offered
by
VCM
affiliated
fund-of-funds.
The
affiliated
fund-of-funds
do
not
invest
in
the
underlying
funds
for
the
purpose
of
exercising
management
or control;
however,
investments
by
affiliated
fund-of-funds
within
its
principal
investment
strategies
may
represent
a
significant
portion
of
an
underlying
fund’s
assets,
and
together
with
the
investments
of
the
other
affiliated
funds-of-funds,
may
represent
a
substantial
portion
or
even
all
of
an
underlying
fund’s
net
assets.
The
affiliated
fund-of-funds’
annual
and
semi-annual
reports
may
be
viewed
at
vcm.com.
As
of
December
31,
2023,
certain
affiliated fund-of-funds
owned
total
outstanding
shares
of
the
Funds
as
follows:
5.
Fees
and
Transactions
with
Affiliates
and
Related
Parties:
Investment
Advisory
Fees: 
Investment
advisory
services
are
provided
to
the
Funds
by
the
Adviser,
which
is
a
New
York
corporation
registered
as
an
investment
adviser
with
the
SEC.
Excluding
U.S.
Government
Securities
U.S.
Government
Securities
Purchases
Sales
Purchases
Sales
Integrity
Discovery
Fund
..........................................
$
10,522
$
14,425
$
—
$
—
Integrity
Mid-Cap
Value
Fund
.......................................
110,525
114,769
—
—
Integrity
Small-Cap
Value
Fund
......................................
364,827
536,310
—
—
Munder
Multi-Cap
Fund
...........................................
165,043
183,956
—
—
S&P
500
Index
Fund
.............................................
7,008
8,127
—
—
Munder
Mid-Cap
Core
Growth
Fund
..................................
80,891
117,984
—
—
Trivalent
International
Fund
-
Core
Equity
..............................
34,827
35,794
—
—
Trivalent
International
Small-Cap
Fund
................................
1,013,413
671,586
—
—
Total
Return
Bond
Fund
...........................................
9,548
11,416
45,279
11,651
Integrity
Discovery
Fund
Ownership
%
Victory
Strategic
Allocation
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.3
Integrity
Mid-Cap
Value
Fund
Ownership
%
Victory
Target
Retirement
Income
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2.0
Victory
Target
Retirement
2030
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
7.1
Victory
Target
Retirement
2040
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
11.7
Victory
Target
Retirement
2050
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
8.1
Victory
Target
Retirement
2060
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.2
Trivalent
International
Fund
—
Core
Equity
Ownership
%
Victory
Target
Retirement
Income
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
8.0
Victory
Target
Retirement
2030
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
20.6
Victory
Target
Retirement
2040
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
33.7
Victory
Target
Retirement
2050
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
23.1
Victory
Target
Retirement
2060
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
3.4
Trivalent
International
Small-Cap
Fund
Ownership
%
Victory
Strategic
Allocation
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.0*
*
Amount
represents
less
than
0.05%
of
shares
owned.
Total
Return
Bond
Fund
Ownership
%
Victory
Strategic
Allocation
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
8.1
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
139
(Unaudited)
Under
the
terms
of
the
Investment
Advisory
Agreement,
the
Adviser
is
entitled
to
receive
fees
accrued
daily
and
paid
monthly
at
an
annualized
rate
based
on
a
percentage
of
the
average
daily
net
assets
of
each
Fund. The
rates
at
which
the
Adviser
is
paid
by
each
Fund
are
included
in
the
table
below.
Amounts
incurred
and
paid
to
VCM
for
the
six
months ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Investment
advisory
fees.
Administration
and
Servicing
Fees:
VCM
also
serves
as
the
Funds’
administrator
and
fund
accountant.
Under
the
Administration
and
Fund
Accounting
Agreement,
VCM
is
paid
an
administration
fee
based
on
a
percentage
of
the
average
daily
net
assets
of
the
Trust,
Victory
Variable
Insurance
Funds
and
Victory
Portfolios
II.
The
tiered
rates
at
which
VCM
is
paid
by
the
Funds
are
shown
in
the
table
below:
Amounts
incurred
for
the
six
months
ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Administration
fees.
Citi
Fund
Services
Ohio,
Inc.
(“Citi”),
an
affiliate
of
Citibank,
acts
as
sub-administrator
and
sub-fund
accountant
to
the
Funds
pursuant
to
the
Sub-Administration
and
Sub-Fund
Accounting
Services
Agreement
between
VCM
and
Citi.
VCM
pays
Citi
a
fee
for
providing
these
services.
The Funds
reimburse
VCM
and
Citi
for
out-of-pocket
expenses
incurred
in
providing
these
services
and
certain
other
expenses
specifically
allocated
to
the
Funds.
Amounts
incurred
for
the six
months
ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Sub-
Administration
fees.
The
Funds
(as
part
of
the
Trust)
have
entered
into
an
agreement
with
the
Adviser
to
provide
compliance
services,
pursuant
to
which
the
Adviser
furnishes
its
compliance
personnel,
including
the
services
of
the
Chief
Compliance
Officer
(“CCO”),
and
other
resources
reasonably
necessary
to
provide
the
Trust
with
compliance
oversight
services
related
to
the
design,
administration,
and
oversight
of
a
compliance
program
for
the
Trust
in
accordance
with
Rule
38a-1
under
the
1940
Act.
The
CCO
is
an
employee
of
the
Adviser,
which
pays
the
compensation
of
the
CCO
and
support
staff.
The
funds
in
the
Trust,
Victory
Variable
Insurance
Funds,
Victory
Portfolios
II
and
Victory
Portfolios
III (collectively,
the
“Victory
Funds
Complex”),
in
aggregate,
compensate
the
Adviser
for
these
services.
Amounts
incurred
for
the six
months
ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Compliance
fees.
Transfer
Agency
Fees: 
FIS
Investor
Services,
LLC
(“FIS”)
serves
as
the
Funds’
transfer
agent.
Under
the
Transfer
Agent
Agreement,
the
Trust
pays
FIS
a
fee
for
its
services
and
reimburses
FIS
for
all
of
their
reasonable
out-of-pocket
expenses
incurred
in
providing
these
services. 
Amounts
incurred
for
the
six
months ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Transfer
agent
fees.
Victory
Capital
Transfer
Agency,
Inc.,
an
affiliate
of
the
Adviser,
serves
as
sub-transfer
agent
for
the
Member
Class.
Amounts
incurred
for
the
six
months ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Transfer
agent
fees.
Adviser
Fee
Tier
Rates
Flat
Rate
Integrity
Discovery
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.00%
Up
to
$500
million
Over
$500
million
Integrity
Mid-Cap
Value
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.75%
0.70%
Up
to
$300
million
Over
$300
million
Integrity
Small-Cap
Value
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.90%
0.85%
Integrity
Small/Mid-Cap
Value
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.80%
0.75%
Up
to
$1
billion
$1
billion
-$2
billion
Over
$2
billion
Munder
Multi-Cap
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.75%
0.72%
0.70%
Up
to
$250
million
$250
million
-$500
million
Over
$500
million
S&P
500
Index
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.20%
0.12%
0.07%
Up
to
$6
billion
$6
billion
-$8
billion
Over
$8
billion
Munder
Mid-Cap
Core
Growth
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.75%
0.70%
0.65%
Up
to
$1
billion
Over
$1
billion
Trivalent
International
Fund
—
Core
Equity
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.80%
0.75%
Trivalent
International
Small-Cap
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.95%
0.90%
Flat
Rate
Total
Return
Bond
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.40%
Net
Assets
Up
to
$15
billion
$15
billion
—
$30
billion
Over
$30
billion
0.08%,
plus
0.05%,
plus
0.04%
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
140
(Unaudited)
Sub-Transfer
Agency
Fees:
The
Funds
have
entered
into
Sub-Transfer
Agency
Agreements
with
financial
intermediaries
that
provide
recordkeeping,
processing,
shareholder
communications
and
other
services
to
customers
of
the
intermediaries
that
hold
positions
in
the
Funds
and
have
agreed
to
compensate
the
intermediaries
for
providing
those
services.
Intermediaries
transact
with
the
Funds
primarily
through
the
use
of
omnibus
accounts
on
behalf
of
their
customers
who
hold
positions
in
the
Funds.
These
services
would
have
been
provided
by
the
Funds’
transfer
agent
and
other
service
providers
if
the
shareholders’
accounts
were
maintained
directly
at
the
Funds’
transfer
agent.
Amounts
incurred
for
the
six
months ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Sub-Transfer
agent
fees.
Distributor/Underwriting
Services:
Victory
Capital
Services,
Inc.
(the
“Distributor”),
an
affiliate
of
the
Adviser,
serves
as
Distributor
for
the
continuous
offering
of
the
shares
of
the
Funds
pursuant
to
a
Distribution
Agreement
between
the
Distributor
and
the
Trust.
Pursuant
to
the
Distribution
and
Service
Plans
adopted
in
accordance
with
Rule
12b-1
under
the
1940
Act,
the
Distributor
may
receive
a
monthly
distribution
and
service
fee
up
to
the
annual
rate
shown
in
the
table
below:
The
distribution
and
service
fees
paid
to
the
Distributor
may
be
used
by
the
Distributor
to
pay
for
activities
primarily
intended
to
result
in
the
sale
of
Class
A,
Class
C,
and
Class
R.
Amounts
incurred
for
the
six
months
ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
12b-1
fees.
In
addition,
the
Distributor
is
entitled
to
receive
commissions
in
connection
with sales
of
the
Class
A.
For
the
six
months
ended
December
31,
2023,
the
Distributor
received
the
following
(amounts
in thousands)
from
commissions
earned
in
connection with
sales
of
Class
A: 
Other
Fees:
Citibank
serves
as
the
Funds’
custodian.
The
Funds
pay
Citibank
a
fee
for
providing
these
services.
Amounts
incurred
for
the six
months
ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Custodian
fees.
Sidley
Austin
LLP
provides
legal
services
to
the
Trust.
The
Adviser
has
entered
into
an
expense
limitation
agreement
with
the
Trust.  Under
the
terms
of
the
agreement,
the
Adviser
has
agreed
to
waive
fees
or
reimburse
certain
expenses
to
the
extent
that
ordinary
operating
expenses
incurred
by
certain
classes
of
the
Funds
in
any
fiscal
year
exceed
the
expense
limits
for the
Funds.
Such
excess
amounts
will
be
the
liability
of
the
Adviser.
Acquired
fund
fees
and
expenses,
interest,
taxes,
brokerage
commissions,
other
expenditures which
are
capitalized
in
accordance
with
GAAP,
and
other
extraordinary
expenses
not
incurred
in
the
ordinary
course
of the
Funds’
business
are
excluded
from
the
expense
limits.
As
of
December
31,
2023,
the
expense
limits
(excluding
voluntary
waivers) are
as
follows:
Class
A
Class
C
Class
R
Integrity
Discovery
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.25%
1.00%
0.50%
Integrity
Mid-Cap
Value
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.25%
1.00%
N/A
Integrity
Small-Cap
Value
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.25%
1.00%
0.50%
Integrity
Small/Mid-Cap
Value
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.25%
N/A
N/A
Munder
Multi-Cap
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.25%
1.00%
N/A
S&P
500
Index
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15%
N/A
0.50%
Munder
Mid-Cap
Core
Growth
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.25%
1.00%
0.50%
Trivalent
International
Fund
—
Core
Equity
0.25%
1.00%
N/A
Trivalent
International
Small-Cap
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.25%
1.00%
N/A
Total
Return
Bond
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.25%
1.00%
N/A
Amount
Integrity
Discovery
Fund
...............................................................................
$
—(a)
Integrity
Mid-Cap
Value
Fund
............................................................................
2
Integrity
Small-Cap
Value
Fund
...........................................................................
3
Integrity
Small/Mid-Cap
Value
Fund
.......................................................................
2
Munder
Multi-Cap
Fund
................................................................................
4
S&P
500
Index
Fund
..................................................................................
1
Munder
Mid-Cap
Core
Growth
Fund
.......................................................................
1
Trivalent
International
Fund
-
Core
Equity
...................................................................
—(a)
Trivalent
International
Small-Cap
Fund
.....................................................................
1
Total
Return
Bond
Fund
................................................................................
—(a)
(a)
Rounds
to
less
than
$1
thousand.
In
effect
until
October
31,
2024
Class
A
Class
C
Class
I
Class
R
Class
R6
Class
Y
Member
Class
Integrity
Discovery
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.66%
2.45%
N/A
2.08%
N/A
1.44%
1.50%
Integrity
Mid-Cap
Value
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.00%
1.75%
N/A
N/A
0.60%
0.75%
0.85%
Integrity
Small-Cap
Value
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.50%
2.35%
N/A
1.75%
N/A
N/A
N/A
Integrity
Small/Mid-Cap
Value
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.13%
N/A
N/A
N/A
0.83%
0.88%
0.95%
Munder
Multi-Cap
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
N/A
2.16%
N/A
N/A
N/A
N/A
N/A
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
141
(Unaudited)
Under
the
terms
of
the
expense
limitation agreement, the Funds
have
agreed
to
repay
fees
and
expenses
that
were
waived
or
reimbursed
by
the
Adviser
for
a
period
of
up
to
three
years
(thirty-six
(36)
months)
after
the
waiver
or
reimbursement
took
place,
subject
to
the
lesser
of
any
operating
expense
limits
in
effect
at
the
time
of:
(a)
the
original
waiver
or
expense
reimbursement;
or
(b)
the
recoupment,
after
giving
effect
to
the
recoupment
amount.
The
Funds
have
not
recorded
any
amounts
available
to
be
repaid
to
the
Adviser
as
a
commitment
and
contingency
liability
due
to
an
assessment
that
such
repayments
are
not
probable
at
December
31,
2023.
For
the six
months
ended
December
31,
2023,
the
following
recoupment
amounts
were
paid
to
the
Adviser
(amounts
in
thousands).
As
of December
31,
2023,
the
following amounts
are
available
to
be
repaid
to
the
Adviser
(amounts
in
thousands). 
The
Adviser
may
voluntarily
waive
or
reimburse
additional
fees
to
assist
the
Funds
in
maintaining
competitive
expense
ratios.
Voluntary
waivers
and
reimbursements
applicable
to
the
Funds
are
not
available
to
be
recouped
at
a
future
time.
There
were
no
voluntary
waivers
or
reimbursements
for
the six
months
ended
December
31,
2023.
The
Funds
have
adopted
a
Deferred
Compensation
Agreement
(the
“Agreement”)
for
their
Trustees
and
any
Advisory
Trustees
who
receive
compensation
from
the
Funds.
Under
the
terms
of
the
Agreement,
a
Trustee
or
Advisory
Trustee
may
elect
to
defer
all
or
a
portion
of
their
compensation.
Amounts
deferred
may
be
allocated
to
investment
options
that
are
specified
in
the
Agreement
as
selected
by
the
Trustee
or
Advisory
Trustee,
including
certain
Victory
Funds,
in
which
their
deferred
accounts
are
deemed
invested.
Deferred
compensation
liability
under
the
Agreement
constitutes
a
general
unsecured
obligation
for
an
applicable
Victory
Fund.
For
the
six
months ended December
31,
2023, the
following
amounts
have
been
deferred
and
included
in
the
Trustees'
fees payable
on
Funds’
Statements
of
Assets
and
Liabilities.
Certain
officers
and/or
interested
trustees
of
the
Funds
are
also
officers
and/or
employees
of
the
Adviser,
administrator,
fund
accountant,
sub-
administrator,
sub-fund
accountant,
custodian,
legal
counsel, and
Distributor.
In
effect
until
October
31,
2024
Class
A
Class
C
Class
I
Class
R
Class
R6
Class
Y
Member
Class
S&P
500
Index
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Munder
Mid-Cap
Core
Growth
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.32%
2.12%
N/A
1.57%
N/A
N/A
N/A
Trivalent
International
Fund
—
Core
Equity
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.95%
N/A
0.60%
N/A
0.55%
0.70%
N/A
Trivalent
International
Small-Cap
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.35%
2.10%
0.95%
N/A
1.10%
1.10%
N/A
Total
Return
Bond
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.85%
1.60%
N/A
N/A
0.58%
0.60%
N/A
Amount
Integrity
Discovery
Fund
...............................................................................
$
—*
Total
Return
Bond
Fund
................................................................................
3
*
Rounds
to
less
than
$1
thousand.
Expires
2024
Expires
2025
Expires
2026
Expires
2027
Total
Integrity
Discovery
Fund
...................................
$
24
$
42
$
32
$
21
$
119
Integrity
Mid-Cap
Value
Fund
................................
348
785
865
456
2,454
Integrity
Small-Cap
Value
Fund
...............................
7
14
11
6
38
Integrity
Small/Mid-Cap
Value
Fund
...........................
117
259
283
175
834
Munder
Multi-Cap
Fund
....................................
3
8
7
6
24
Munder
Mid-Cap
Core
Growth
Fund
...........................
9
23
24
14
70
Trivalent
International
Fund
-
Core
Equity
.......................
508
941
846
437
2,732
Trivalent
International
Small-Cap
Fund
.........................
2,284
4,898
5,201
2,895
15,278
Total
Return
Bond
Fund
....................................
63
73
81
44
261
Amount
Integrity
Discovery
Fund
...............................................................................
$
19
Integrity
Small-Cap
Value
Fund
...........................................................................
16
Munder
Multi-Cap
Fund
................................................................................
93
S&P
500
Index
Fund
..................................................................................
20
Munder
Mid-Cap
Core
Growth
Fund
.......................................................................
23
Trivalent
International
Fund
-
Core
Equity
...................................................................
30
Trivalent
International
Small-Cap
Fund
.....................................................................
6
Total
Return
Bond
Fund
................................................................................
34
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
142
(Unaudited)
6.
Risks:
The
Funds
may
be
subject
to
other
risks
in
addition
to
these
identified
risks.
Equity
Risk
—
The
value
of
the
equity
securities
in
which
the
Funds
invest
may
decline
in
response
to
developments
affecting
individual
companies
and/or
general
economic
conditions
in
the
United
States
or
abroad.
A
company’s
earnings
or
dividends
may
not
increase
as
expected
(or
may
decline)
because
of
poor
management,
competitive
pressures,
reliance
on
particular
suppliers
or
geographical
regions,
labor
problems
or
shortages,
corporate
restructurings,
fraudulent
disclosures,
man-made
or
natural
disasters,
military
confrontations
or
wars,
terrorism,
public
health
crises,
or
other
events,
conditions,
and
factors.
Price
changes
may
be
temporary
or
last
for
extended
periods.
Foreign
Securities
Risk
—
Foreign
securities
(including
depositary
receipts)
are
subject
to
political,
regulatory,
and
economic
risks
not
present
in
domestic
investments.
Foreign
securities
could
be
affected
by
factors
not
present
in
the
United
States,
including
expropriation,
confiscation
of
property,
and
difficulties
in
enforcing
contracts.
Compared
to
U.S.
companies,
there
generally
is
less
publicly
available
information
about
foreign
companies
and
there
may
be
less
governmental
regulation
and
supervision
of
foreign
companies.
Foreign
securities
generally
experience
more
volatility
than
their
domestic
counterparts.
Depositary
receipts
may
have
additional
risks,
including
creditworthiness
of
the
depositary
bank
and
the
risk
of
an
illiquid
market.
In
addition,
to
the
extent
investments
are
made
in
a
limited
number
of
countries,
events
in
those
countries
will
have
a
more
significant
impact
on
the
Funds.
Fluctuations
in
the
exchange
rates
between
the
U.S.
dollar
and
foreign
currencies,
currency
exchange
control
regulations,
and
restrictions
or
prohibitions
on
the
repatriation
of
foreign
currencies
may
negatively
affect
an
investment.
Interest
Rate Risk
— 
The
Total
Return
Bond
Fund
is
subject
to
credit
and
interest
rate
risk
with
respect
to
fixed
income
securities.
Credit
risk
refers
to
the
ability
of
an
issuer
to
make
timely
payments
of
interest
and
principal.
Interest
rates
may
rise
or
the
rate
of
inflation
may
increase,
impacting
the
value
of
investments
in
fixed
income
securities.
A
debt
issuer’s
credit
quality
may
be
downgraded
or
an
issuer
may
default.
Interest
rates
may
fluctuate
due
to
changes
in
governmental
fiscal
policy
initiatives
and
resulting
market
reaction
to
those
initiatives.
Credit
Risk
—
The
Funds
will
be
subject
to
credit
risk
with
respect
to
the
amount
each
expects
to
receive
from
counterparties
for
financial
instruments
entered
into
by
the
Funds.
The
Funds
may
be
negatively
impacted
if
a
counterparty
becomes
bankrupt
or
otherwise
fails
to
perform
its
obligations
due
to
financial
difficulties.
The
Funds
may
experience
significant
delays
in
obtaining
any
recovery
in
bankruptcy
or
other
reorganization
proceeding
and
the
Funds
may
obtain
only
limited
recovery
or
may
obtain
no
recovery
in
such
circumstances.
The
Funds
typically
enter
into
transactions
with
counterparties
whose
credit
ratings
are
investment
grade,
as
determined
by
a
nationally
recognized
statistical
rating
organization
or,
if
unrated,
judged
by
the
Adviser
to
be
of
comparable
quality.
Smaller-Capitalization
Stock
Risk
—
Small-
and
mid-sized
companies
are
subject
to
a
number
of
risks
not
associated
with
larger,
more
established
companies,
potentially
making
their
stock
prices
more
volatile
and
increasing
the
risk
of
loss.
Smaller
companies
may
have
limited
markets,
product
lines,
or
financial
resources
and
lack
management
experience
and
may
experience
higher
failure
rates
than
larger
companies.
Sector Focus
Risk
— 
To
the
extent
the
Funds
focus
in
one
or
more
sectors,
market
or
economic
factors
impacting
those
sectors
could
have
a
significant
effect
on
the
value
of
the
Funds’
investments
and
could
make
the
Funds’
performance
more
volatile.
For
example,
the
values
of
companies
in
the
Information
Technology
sector
are
particularly
vulnerable
to
economic
downturns,
short
product
cycles
and
aggressive
pricing,
market
competition
and
changes
in
government
regulation.
Market
Risk
—
Overall
market
risks
may
affect
the
value
of
the
Funds.
Domestic
and
international
factors
such
as
political
events,
war,
terrorism,
trade
disputes,
inflation
rates,
interest
rate
levels,
and
other
fiscal
and
monetary
policy
changes;
cybersecurity
incidents,
pandemics,
and
other
public
health
crises;
sanctions
against
a
particular
foreign
country,
its
nationals,
businesses,
or
industries;
and
related
geopolitical
events,
as
well
as
environmental
disasters
such
as
earthquakes,
fires,
and
floods,
or
other
catastrophes,
may
add
to
instability
in
global
economies
and
markets
generally,
and
may
lead
to
increased
market
volatility.
Global
economies
and
financial
markets
are
highly
interconnected,
which
increases
the
possibility
that
conditions
in
one
country
or
region
might
adversely
affect
issuers
in
another
country
or
region.
The
impact
of
these
and
other
factors
may
be
short-term
or
may
last
for
extended
periods.
7.
Borrowing
and
Interfund
Lending:
Line
of
Credit:
The
Victory
Funds
Complex
participates
in
a
short-term
demand
note
“Line
of
Credit”
agreement
with
Citibank.
Under
the
agreement
with
Citibank,
the
Victory
Funds
Complex
may
borrow
up
to
$600
million,
of
which
$300
million
is
committed
and
$300
million
is
uncommitted.
$40
million
of
the
Line
of
Credit
is
reserved
for
use
by
the
Victory
Floating
Rate
Fund,
another
series
of
the
Victory
Funds
Complex,
with
Victory
Floating
Rate
Fund
paying
the
related
commitment
fees
for
that
amount.
The
purpose
of
the
Line
of
Credit
is
to
meet
temporary
or
emergency
cash
needs.
For
the six
months
ended
December
31,
2023,
Citibank
received
an
annual
commitment
fee
of
0.15%
on
$300
million
for
providing
the
Line
of
Credit.
Each
Fund
in
the
Victory
Funds
Complex
paid
a
pro-rata
portion
of
the
commitment
fees
plus
any
interest
on
amounts
borrowed.
Interest
is
based
on
the
one-month Secured
Overnight
Financing
Rate
(SOFR)
plus
1.10
percent.
Effective
June
27,
2023,
the
agreement
was
renewed
with
a
termination
date
of
June
24,
2024,
and
the
annual
commitment
fee
of
0.15%
remained
unchanged. Interest
charged
to each
Fund during
the
period,
if
applicable,
is
reflected
on
the
Statements
of
Operations
under
Line
of
credit
fees.
The
Funds
had
no
borrowings
under the
Line
of
Credit
agreement
during
the
six
months
ended
December
31,
2023.
Interfund
Lending:
The
Trust
and
the
Adviser
rely
on
an
exemptive
order
granted
by
the
SEC
in
March
2017
(the
“Order”),
permitting
the
establishment
and
operation
of
an
Interfund
Lending
Facility
(the
“Facility”).
The
Facility
allows
each
Fund
to
directly
lend
and
borrow
money
to
or
from
any
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
143
(Unaudited)
other
fund
in
the
Victory
Funds
Complex
that
is
permitted
to
participate
in
the
Facility,
relying
upon
the
Order
at
rates
beneficial
to
both
the
borrowing
and
lending
funds.
Advances
under
the
Facility
are
allowed
for
temporary
or
emergency
purposes,
including
the
meeting
of
redemption
requests
that
otherwise
might
require
the
untimely
disposition
of
securities,
and
are
subject
to
each
Fund’s
borrowing
restrictions.
The
interfund
loan
rate
is
determined,
as
specified
in
the
Order,
by
averaging
the
current
repurchase
agreement
rate
and
the
current
bank
loan
rate.
As
a
Borrower
(as
defined
in
the
Order),
interest
charged
to
each
Fund,
if
any,
during
the
period,
is
reflected
on
the
Statements
of
Operations
under
Interfund
lending
fees.
As
a
Lender
(as
defined
in
the
Order),
interest
earned
by
each
Fund,
if
any,
during
the
period,
is
reflected
on
the
Statements
of
Operations
under
Interfund
lending.
The
Funds
did
not
utilize
or
participate
in
the
Facility
during
the
six
months
ended
December
31,
2023.
8.
Federal
Income
Tax
Information:
Dividends
from
net
investment
income,
if
any,
are
declared
and
paid
as
noted
in
the
table
below.
Distributable
net
realized
gains,
if
any,
are
declared
and
distributed
at
least
annually
from
each
Fund. 
The
amounts
of
dividends
from
net
investment
income
and
distributions
from
net
realized
gains
(collectively,
distributions
to
shareholders)
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
To
the
extent
these
“book/tax”
differences
are
permanent
in
nature
(e.g.,
net
operating
loss
and
distribution
reclassification),
such
amounts
are
reclassified
within
the
components
of
net
assets
based
on
their
federal
tax-basis
treatment;
temporary
differences
(e.g.,
wash
sales)
do
not
require
reclassification.
To
the
extent
dividends
and
distributions
exceed
net
investment
income
and
net
realized
gains
for
tax
purposes,
they
are
reported
as
distributions
of
capital.
Net
investment
losses
incurred
by
the
Funds
may
be
reclassified
as
an
offset
to
capital
on
the
accompanying
Statement
of
Assets
and
Liabilities.
As
of
the
tax
year
ended June
30,
2023,
the
Funds
had
net
capital
loss
carryforwards as shown
in
the
table
below
(amounts
in
thousands).
It
is
unlikely
that
the
Board
will
authorize
a
distribution
of
capital
gains
realized
in
the
future
until
the
capital
loss
carryforwards
have
been
used
(amounts
in
thousands).
9.
Stock
Split:
Effective
December
9,
2022,
the Munder
Mid-Cap
Core
Growth
Fund
underwent
a
1-for-9
reverse
stock
split
of
the
issued
and
outstanding
Class
C
shares
of
the
Fund.
The
reverse
stock
split
was
not
a
taxable
event,
nor
did
it
have
an
impact
on
the
Fund’s
holdings
or
performance,
and
was
intended
to
reduce
marketplace
confusion
and
bring
greater
uniformity
to
the
ratio
of
capital
gains
to
the
NAV
across
all
share
classes
of
the
Fund.
No
changes
are
contemplated
at
this
time
for
the
other
share
classes
offered
by
the
Fund.
10.
New
Regulatory
Pronouncement:
In
October
2022,
the
SEC
adopted
the
Tailored
Shareholder
Reports
Rule
and
form
amendments
that
require,
among
other
things,
mutual
funds
and
ETFs
to
prepare
and
transmit
streamlined
annual
and
semi-annual
shareholder
reports.
In
connection
with
these
amendments,
certain
information
that
was
previously
disclosed
in
shareholder
reports
will
instead
be
made
available
online,
delivered
free
of
charge
upon
request,
and
filed
with
the
SEC
on
a
semi-annual
basis.
Also
in
connection
with
these
amendments,
annual
and
semi-annual
reports
will
be
provided
directly
to
shareholders,
either
in
paper
or
(if
the
shareholder
has
so
elected)
electronically.
Compliance
with
the
rule
and
form
amendments
begins
in
July
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Funds.
11.
Subsequent
Event:
On
December
5,
2023,
the
Board
approved
the
adoption
of
a
conversion
feature
for
Class
R
of
the
Integrity
Discovery
Fund
and
Munder
Mid-Cap
Growth
Fund.
Under
the
relevant
conversion
feature,
effective
after
the
close
of
business
on
March
28,
2024,
all
of
the
issued
and
outstanding
shares
of
Class
R
of
each
Fund
will
be
converted
into
shares
of
Class
A
of
each
Fund.
The
share
class
conversion
will
be
effectuated
Declared
Paid
Integrity
Discovery
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Annually
Annually
Integrity
Mid-Cap
Value
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Annually
Annually
Integrity
Small-Cap
Value
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Annually
Annually
Integrity
Small/Mid-Cap
Value
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Annually
Annually
Munder
Multi-Cap
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Annually
Annually
S&P
500
Index
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Quarterly
Quarterly
Munder
Mid-Cap
Core
Growth
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Annually
Annually
Trivalent
International
Fund
—
Core
Equity
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Annually
Annually
Trivalent
International
Small-Cap
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Annually
Annually
Total
Return
Bond
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Monthly
Monthly
Short-Term
Amount
Long-Term
Amount
Total
Trivalent
International
Fund
-
Core
Equity
....................................
$
(5,687)
$
—
$
(5,687)
Trivalent
International
Small-Cap
Fund
......................................
(231,470)
(83,323)
(314,793)
Total
Return
Bond
Fund
.................................................
(1,877)
(5,697)
(7,574)
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
144
(Unaudited)
on
the
basis
of
the
relative
NAVs
of
the
share
class
without
the
imposition
of
a
sales
charge.
Based
on
the
financial
information
for
the
Funds’
fiscal
year
ended
June
30,
2023,
Class
A
has
lower
gross
and
net
total
expense
ratios
than
Class
R.
Supplemental
Information
December
31,
2023
Victory
Portfolios
145
(Unaudited)
Proxy
Voting
and
Portfolio
Holdings
Information 
Proxy
Voting:
Information
regarding
each
Fund’s
policies
and
procedures
—
which
describes
how
we
vote
proxies
relating
to
portfolio
securities
—
is
included
in
the
Funds'
Statement
of
Additional
Information
on
our
website
or
upon
request
by
calling
800-539-3863
(800-235-8396
for
Member
Class). Each
Fund
files
its
proxy
voting
record
with
the
U.S.
Securities
and
Exchange
Commission
(SEC)
for
the
12
months
ended
June
30
by
August
31.
The
proxy
voting
record
is
available
free
of
charge
on
the
SEC
website
at sec.gov and
on
our
website.
Availability
of
Schedules
of
Portfolio
Investments:
The
Trust
files
a
complete
list
of
Schedules
of
Portfolio
Investments
with
the
SEC
for
the
first
and
third
quarter
of
each
fiscal
year
on
Form
N-PORT-P
and are
available
on
the
SEC’s
website
at
sec.gov.
Expense
Examples
As
a
shareholder
of
the
Fund,
you
may
incur
two
types
of
costs:
(1)
transaction
costs, including
sales
charges
(loads)
on
purchases;
 and
(2)
ongoing
costs,
including
management
fees
and
other
Fund
expenses.
These
examples
are
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
These
examples
are
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
from
July
1,
2023,
through
December
31,
2023.
The
Actual
Expense
figures
in
the
table
below
provide
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
below,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
table
under
the
heading
entitled
“Actual
Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
The
Hypothetical
Expense
figures
in
the
table
below
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds.
Please
note
the
expenses
shown
in
the
table
below
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs.
Therefore,
the
hypothetical
expenses
in
the
table
are
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Beginning
Account
Value
7/1/23
Actual
Ending
Account
Value
12/31/23
Hypothetical
Ending
Account
Value
12/31/23
Actual
Expenses
Paid
During
Period
7/1/23
-
12/31/23*
Hypothetical
Expenses
Paid
During
Period
7/1/23
-
12/31/23*
Annualized
Expense
Ratio
During
Period
7/1/23
-
12/31/23
Integrity
Discovery
Fund
Class
A
...............................
$
1,000.00
$
1,136.60
$
1,016.99
$
8.70
$
8.21
1.62%
Class
C
...............................
1,000.00
1,132.00
1,012.82
13.13
12.40
2.45%
Class
R
...............................
1,000.00
1,134.40
1,014.68
11.16
10.53
2.08%
Class
Y
...............................
1,000.00
1,138.20
1,017.90
7.74
7.30
1.44%
Member
Class
..........................
1,000.00
1,137.80
1,017.60
8.06
7.61
1.50%
Integrity
Mid-Cap
Value
Fund
Class
A
...............................
1,000.00
1,049.20
1,020.11
5.15
5.08
1.00%
Class
C
...............................
1,000.00
1,045.00
1,016.34
9.00
8.87
1.75%
Class
R6
..............................
1,000.00
1,051.30
1,022.12
3.09
3.05
0.60%
Class
Y
...............................
1,000.00
1,050.00
1,021.37
3.86
3.81
0.75%
Member
Class
..........................
1,000.00
1,049.70
1,020.86
4.38
4.32
0.85%
Integrity
Small-Cap
Value
Fund
Class
A
...............................
1,000.00
1,101.50
1,017.90
7.61
7.30
1.44%
Class
C
...............................
1,000.00
1,096.80
1,013.32
12.39
11.89
2.35%
Class
R
...............................
1,000.00
1,099.90
1,016.34
9.24
8.87
1.75%
Class
R6
..............................
1,000.00
1,104.40
1,020.31
5.08
4.88
0.96%
Class
Y
...............................
1,000.00
1,103.70
1,019.76
5.66
5.43
1.07%
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
146
(Unaudited)
Beginning
Account
Value
7/1/23
Actual
Ending
Account
Value
12/31/23
Hypothetical
Ending
Account
Value
12/31/23
Actual
Expenses
Paid
During
Period
7/1/23
-
12/31/23*
Hypothetical
Expenses
Paid
During
Period
7/1/23
-
12/31/23*
Annualized
Expense
Ratio
During
Period
7/1/23
-
12/31/23
Integrity
Small/Mid-Cap
Value
Fund
Class
A
...............................
1,000.00
1,054.60
1,019.46
5.84
5.74
1.13%
Class
R6
..............................
1,000.00
1,055.90
1,020.96
4.29
4.22
0.83%
Class
Y
...............................
1,000.00
1,055.70
1,020.71
4.55
4.47
0.88%
Member
Class
..........................
1,000.00
1,055.70
1,020.36
4.91
4.82
0.95%
Munder
Multi-Cap
Fund
Class
A
...............................
1,000.00
1,061.10
1,018.70
6.63
6.50
1.28%
Class
C
...............................
1,000.00
1,056.30
1,014.28
11.16
10.94
2.16%
Class
Y
...............................
1,000.00
1,062.90
1,020.26
5.03
4.93
0.97%
S&P
500
Index
Fund
Class
A
...............................
1,000.00
1,077.60
1,022.42
2.82
2.75
0.54%
Class
R
...............................
1,000.00
1,075.60
1,020.71
4.59
4.47
0.88%
Class
Y
...............................
1,000.00
1,078.00
1,022.82
2.40
2.34
0.46%
Munder
Mid-Cap
Core
Growth
Fund
Class
A
...............................
1,000.00
1,064.00
1,018.65
6.69
6.55
1.29%
Class
C
...............................
1,000.00
1,060.10
1,014.48
10.98
10.74
2.12%
Class
R
...............................
1,000.00
1,062.60
1,017.24
8.14
7.96
1.57%
Class
R6
..............................
1,000.00
1,066.40
1,020.66
4.62
4.52
0.89%
Class
Y
...............................
1,000.00
1,066.60
1,020.16
5.14
5.03
0.99%
Trivalent
International
Fund
-
Core
Equity
Class
A
...............................
1,000.00
1,066.70
1,020.36
4.94
4.82
0.95%
Class
I
................................
1,000.00
1,069.70
1,022.12
3.12
3.05
0.60%
Class
R6
..............................
1,000.00
1,068.30
1,022.37
2.86
2.80
0.55%
Class
Y
...............................
1,000.00
1,067.90
1,021.62
3.64
3.56
0.70%
Trivalent
International
Small-Cap
Fund
Class
A
...............................
1,000.00
1,047.60
1,018.35
6.95
6.85
1.35%
Class
C
...............................
1,000.00
1,042.70
1,014.58
10.78
10.63
2.10%
Class
I
................................
1,000.00
1,048.80
1,020.36
4.89
4.82
0.95%
Class
R6
..............................
1,000.00
1,048.70
1,019.96
5.30
5.23
1.03%
Class
Y
...............................
1,000.00
1,048.40
1,019.61
5.66
5.58
1.10%
Total
Return
Bond
Fund
Class
A
...............................
1,000.00
1,028.40
1,020.86
4.33
4.32
0.85%
Class
C
...............................
1,000.00
1,024.10
1,017.09
8.14
8.11
1.60%
Class
R6
..............................
1,000.00
1,029.70
1,022.22
2.96
2.95
0.58%
Class
Y
...............................
1,000.00
1,029.60
1,022.12
3.06
3.05
0.60%
*
Expenses
are
equal
to
the
average
account
value
multiplied
by
the
Fund’s
annualized
expense
ratio
multiplied
by
184/366
(the
number
of
days
in
the
most
recent
fiscal
half-year
divided
by
the
number
of
days
in
the
fiscal
year).
Victory
Portfolios
147
(Unaudited)
Supplemental
Information
—
continued
December
31,
2023
Considerations
of
the
Board
in
Continuing
the
Investment
Advisory
Agreement (the
“Agreement”)
The
Board
approved
the
Agreement
on
behalf
of
each
of
the
Funds
at
a
meeting,
which
was
called
for
that
purpose,
on
December
5,
2023.
The
Board
also
considered
information
relating
to
the
Funds
and
the
Agreement
provided
throughout
the
year
and,
more
specifically,
at
the
meetings
on
October
17,
2023
and
December
5,
2023.
In
considering
whether
to
approve
the
Agreement,
the
Board
requested
from
the
Adviser
certain
information
concerning
the
Funds
to
assist
it
in
evaluating
the
terms
of
the
Agreement.
In
response
to
the
request
from
the
Independent
Trustees,
the
Adviser
provided
information
and
reports
relevant
to
the
continuation
of
the
Agreement.
The
Board,
including
the
Independent
Trustees,
evaluated
this
information
along
with
other
information
obtained
throughout
the
year
and
was
advised
by
legal
counsel
to
the
Funds
and
independent
legal
counsel
to
the
Independent
Trustees.
The
Board
considered
each
Fund’s
advisory
fee,
expense
ratio
and
investment
performance
as
significant
factors
in
determining
whether
the
Agreement
should
be
continued.
In
considering
whether
the
compensation
paid
to
the
Adviser
was
fair
and
reasonable,
the
Board
also
evaluated,
among
other
things,
the
following
factors:
The
requirements
of
the
Funds
for
the
services
provided
by
the
Adviser;
The
nature,
quality
and
extent
of
the
services
provided
and
expected
to
be
provided;
The
performance
of
the
Funds
as
compared
to
comparable
funds;
The
fees
payable
for
the
services
and
whether
the
fee
arrangements
provided
for
economies
of
scale
that
would
benefit
Fund
shareholders
as
the
Funds
grow
(acknowledging
that
economies
of
scale
can
be
complex
to
assess
and
typically
are
not
directly
measurable)
and
whether
additions
of
or
revisions
to
breakpoints
would
be
appropriate;
Whether
the
fee
would
be
sufficient
to
enable
the
Adviser
to
attract
and
retain
experienced
personnel
and
continue
to
provide
quality
services
to
the
Funds;
The
fees
paid
by
other
clients
of
the
Adviser
whose
accounts
are
managed
in
a
similar
investment
style
and
any
differences
in
the
services
provided
to
the
other
clients
compared
to
those
provided
to
the
Funds;
The
total
expenses
of
each
Fund;
Management’s
commitment
to
operating
the
Funds
at
competitive
expense
levels;
The
profitability
of
the
Adviser
(as
reflected
by
comparing
fees
earned
against
an
estimate
of
the
Adviser’s
costs)
with
respect
to
the
Adviser’s
relationship
with
the
Funds;
Research
and
other
service
benefits
received
by
the
Adviser
obtained
through
payment
of
client
commissions
for
securities
transactions;
Other
benefits
received
by
the
Adviser,
and
its
affiliates,
including
revenues
paid
to
the
Adviser,
or
its
affiliates,
by
the
Funds
for
administration
and
fund
accounting
services,
shareholder
services
and
distribution;
The
capabilities
and
financial
condition
of
the
Adviser;
Current
economic
and
industry
trends;
and
The
historical
relationship
between
each
Fund
and
the
Adviser.
The
Board
reviewed
each
Fund’s
current
management
fee,
comprised
of
the
advisory
fee
plus
the
administrative
services
fee
paid
to
the
Adviser,
in
the
context
of
the
Adviser’s
business
and
services
with
respect
to
each
Fund
individually
and
with
respect
to
all
the
funds
as
a
whole.
The
Board
retained
an
independent,
third-party
consultant
to
provide
comparative
information
about
fees,
expenses
and
performance,
and
to
design
and
maintain
a
database
of
relevant
information
designed
to
assist
the
Board
in
retrieving
and
analyzing
comparative
information.
The
Board
met
with
the
consultant
to
review
its
inputs
and
methodologies,
among
other
things.
The
Board
compared
each
Fund’s
gross
management
fees
and
total
operating
expense
ratio
on
a
net
and
gross
basis
with
the
median
gross
management
fee
and
median
expense
ratio
of
a
universe
of
comparable
mutual
funds
compiled
by
the
consultant
and
a
peer
group
of
funds
with
similar
investment
strategies
selected
by
that
consultant
from
the
universe.
The
Board
reviewed
the
factors
and
methodology
used
by
the
consultant
in
the
selection
of
each
Fund’s
peer
group,
including
the
consultant’s
selection
of
a
broad
universe
of
funds,
the
more
specific
universe
of
comparable
funds,
and
peer
groups
of
funds
with
comparable
investment
strategies
and
asset
levels,
among
other
factors.
The
Board
also
reviewed
any
changes
to
the
consultant’s
methodology
as
compared
to
the
prior
year,
including
those
resulting
from
the
Adviser’s
input,
if
any.
With
respect
to
certain
Funds,
the
Board
also
reviewed
fees
and
other
information
related
to
the
Adviser’s
management
of
similarly
managed
institutional
or
private
accounts,
and
the
differences
in
the
services
provided
to
the
other
accounts.
The
Board
also
noted
that
the
breakpoints
in
the
advisory
fee
schedule
for
some
of
the
Funds
evidenced
one
way
in
which
the
Adviser
has
shown
a
willingness
to
share
in
its
economies
of
scale.
For
Funds
with
total
net
expense
ratios
that
ranked
within
the
fourth
quartile
(most
expensive)
in
relation
to
their
peers
as
evaluated
by
a
consultant,
the
Board
requested,
and
the
Adviser
provided,
supplemental
information
about
the
level
of
fees
and
the
nature
of
the
services
provided.
The
Adviser
reviewed
additional
relevant
circumstances,
which
included,
among
other
things,
specialized
strategies,
small
or
decreasing
assets,
or
rapid
or
recent
changes
in
peer
expense
ratios.
The
Board
also
reviewed
the
compliance
and
administrative
services
provided
to
the
Funds
by
the
Adviser
and
its
affiliates,
including
the
Adviser’s
oversight
of
the
Funds’
day-to-day
operations
and
oversight
of
Fund
accounting,
assistance
in
meeting
legal
and
regulatory
requirements,
and
other
services
necessary
for
the
operation
of
the
Funds
and
the
Trust.
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
148
(Unaudited)
The
Board
found
that
the
gross
annual
management
fee
paid
by
each
Fund
was
within
the
range
of
management
fees
paid
by
each
Fund’s
respective
peer
group.
The
Board
noted
that,
except
for
the
Integrity
Discovery
Fund
and
Total
Return
Bond
Fund,
each
Fund’s
advisory
fee
structure
contained
at
least
one
breakpoint.
The
Board
also
found
that
each
Fund’s
Class
A
net
annual
expense
ratio,
taking
into
account
any
shareholder
servicing
or
distribution
fees,
was
reasonable
as
compared
with
each
Fund’s
respective
peer
group.
The
Board
considered
the
Adviser’s
contractual
agreement
with
each
Fund,
except
for
the
S&P
500
Index
Fund,
to
waive
its
fees
and
reimburse
expenses
of
certain
classes
for
a
specified
period
of
time,
as
described
in
the
Fund’s
prospectus.
The
Board
reviewed
each
Fund’s
performance
over
one-,
three-,
five-
and
ten-year
periods
(as
applicable)
against
the
performance
of
the
Fund’s
selected
peer
group
and
benchmark
index.
The
Board
recognized
that
the
performance
of
the
Funds
and
the
peer
group
funds
are
net
of
expenses,
while
the
performance
of
the
benchmark
index
reflects
gross
returns.
The
Board
reviewed
various
other
specific
factors
with
respect
to
each
Fund,
as
described
below.
In
their
deliberations,
the
Trustees
did
not
rank
the
importance
of
any
particular
information
or
factor
considered
and
each
Trustee
may
have
attributed
different
weights
to
various
factors.
Integrity
Discovery
Fund:
The
Board
compared
the
Fund’s
Class
A
performance
for
the
one-,
three-,
five-
and
ten-year
periods
ended
June
30,
2023,
to
that
of
the
median
performance
of
the
Fund’s
peer
group
and
benchmark
index
for
the
same
periods
and
considered
the
fact
that
the
Fund
outperformed
the
benchmark
index
for
the
one-,
three-
and
ten-year
periods,
matched
the
benchmark
index
for
the
five-year
period,
underperformed
the
peer
group
median
for
the
one-
and
five-year
periods,
and
outperformed
the
peer
group
median
for
the
three-
and
ten-year
periods.
Having
considered,
among
other
things:
(1) the
Fund’s
management
fee
compared
to
comparable
mutual
funds;
(2)
the
Fund’s
total
expense
compared
to
comparable
mutual
funds;
(3)
that
the
Adviser’s
willingness
to
limit
the
expenses
of
certain
classes
for
a
period
of
time
would
provide
stability
to
the
Fund’s
expenses
for
those
share
classes
during
that
period;
and
(4)
the
Fund’s
performance
during
the
periods
reviewed,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
Integrity
Mid-Cap
Value
Fund:
The
Board
compared
the
Fund’s
Class
A
performance
for
the
one-,
three-,
five-
and
ten-year
year
periods
ended
June
30,
2023,
to
that
of
the
median
performance
of
the
Fund’s
peer
group
and
benchmark
index
for
the
same
periods
and
considered
the
fact
that
the
Fund
outperformed
both
the
benchmark
index
and
the
peer
group
median
for
all
of
the
periods
reviewed.
Having
considered,
among
other
things:
(1) the
Fund’s
management
fee
compared
to
comparable
mutual
funds;
(2)
the
Fund’s
total
expense
ratio
compared
to
comparable
mutual
funds;
(3)
that
the
Adviser’s
willingness
to
limit
the
expenses
of
certain
classes
for
a
period
of
time
would
provide
stability
to
the
Fund’s
expenses
for
those
share
classes
during
that
period;
and
(4)
the
Fund’s
performance
during
the
periods
reviewed,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
Integrity
Small-Cap
Value
Fund:
The
Board
compared
the
Fund’s
Class
A
performance
for
the
one-,
three-,
five-
and
ten-year
periods
ended
June
30,
2023,
to
that
of
the
median
performance
of
the
Fund’s
peer
group
and
benchmark
index
for
the
same
periods
and
considered
the
fact
that
the
Fund
outperformed
the
benchmark
index
for
all
of
the
periods
reviewed,
outperformed
the
peer
group
median
for
the
one-
and
three-year
periods,
underperformed
the
peer
group
median
for
the
five-year
period
and
matched
the
performance
of
the
peer
group
median
for
the
ten-year
period.
Having
considered,
among
other
things:
(1) the
Fund’s
management
fee
compared
to
comparable
mutual
funds;
(2)
the
Fund’s
total
expense
ratio
compared
to
comparable
mutual
funds;
(3)
that
the
Adviser’s
willingness
to
limit
the
expenses
of
certain
classes
for
a
period
of
time
would
provide
stability
to
the
Fund’s
expenses
for
those
share
classes
during
that
period;
and
(4)
the
Fund’s
performance
during
the
periods
reviewed,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
Integrity
Small/Mid-Cap
Value
Fund:
The
Board
compared
the
Fund’s
Class
A
performance
for
the
one-,
three-,
five-
and
ten-year
periods
ended
June
30,
2023,
to
that
of
the
median
performance
of
the
Fund’s
peer
group
and
benchmark
index
for
the
same
periods
and
considered
the
fact
that
the
Fund
outperformed
both
the
benchmark
index
and
the
peer
group
median
for
all
of
the
periods
reviewed.
Having
considered,
among
other
things:
(1) the
Fund’s
management
fee
compared
to
comparable
mutual
funds;
(2)
the
Fund’s
total
expense
ratio
compared
to
comparable
mutual
funds;
(3)
that
the
Adviser’s
willingness
to
limit
the
expenses
of
certain
classes
for
a
period
of
time
would
provide
stability
to
the
Fund’s
expenses
for
those
share
classes
during
that
period;
and
(4)
the
Fund’s
performance
during
the
periods
reviewed,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
Munder
Multi-Cap
Fund:
The
Board
compared
the
Fund’s
Class
A
performance
for
the
one-,
three-,
five-
and
ten-year
periods
ended
June
30,
2023,
to
that
of
the
median
performance
of
the
Fund’s
peer
group
and
benchmark
index
for
the
same
periods
and
considered
the
fact
that
the
Fund
outperformed
the
benchmark
index
for
the
one-
and
three-year
periods,
underperformed
the
benchmark
index
for
the
five-
and
ten-year
periods,
outperformed
the
peer
group
median
for
the
one-,
three-
and
ten-year
periods,
and
underperformed
the
peer
group
median
for
the
five-year
period.
Having
considered,
among
other
things:
(1) the
Fund’s
management
fee
compared
to
comparable
mutual
funds;
(2)
the
Fund’s
total
expense
ratio
compared
to
comparable
mutual
funds;
(3)
that
the
Adviser’s
willingness
to
limit
the
expenses
of
certain
classes
for
a
period
of
time
would
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
149
(Unaudited)
provide
stability
to
the
Fund’s
expenses
for
those
share
classes
during
that
period;
and
(4)
the
Fund’s
performance
during
the
periods
reviewed,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
S&P
500
Index
Fund:
The
Board
compared
the
Fund’s
Class
A
performance
for
the
one-,
three-,
five-
and
ten-year
periods
ended
June
30,
2023,
to
that
of
the
median
performance
of
the
Fund’s
peer
group
and
benchmark
index
for
the
same
periods,
noting
that
the
Fund’s
investment
objective
is
to
track
its
benchmark
index
before
fees
and
expenses.
The
Board
recognized
that
the
performance
of
the
Fund
is
net
of
expenses,
while
the
performance
of
the
benchmark
index
is
gross
returns
and
as
a
result,
the
Fund
generally
will
underperform
its
benchmark
due
to
fees
and
expenses.
The
Board
considered
the
fact
that
the
Fund
underperformed
both
the
benchmark
index
and
the
peer
group
median
for
all
of
the
periods
reviewed.
The
Board
also
considered
the
Fund’s
tracking
error
as
a
factor
in
evaluating
performance.
The
Board
discussed
with
the
Adviser
the
implementation
of
the
Fund’s
strategy,
together
with
relevant
fee
and
expense
considerations.
Having
considered,
among
other
things:
(1) the
Fund’s
management
fee
compared
to
comparable
mutual
funds;
(2)
the
Fund’s
total
expense
ratio
compared
to
comparable
mutual
funds;
and
(3)
the
Fund’s
performance
during
the
periods
reviewed,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
Munder
Mid-Cap
Core
Growth
Fund:
The
Board
compared
the
Fund’s
Class
A
performance
for
the
one-,
three-,
five-
and
ten-year
periods
ended
June
30,
2023,
to
that
of
the
median
performance
of
the
Fund’s
peer
group
and
benchmark
index
for
the
same
periods
and
considered
the
fact
that
the
Fund
underperformed
both
the
benchmark
index
and
the
peer
group
median
for
all
of
the
periods
reviewed.
The
Board
discussed
with
management
the
Fund’s
underperformance
and
expense
profile,
including
any
steps
taken
by
the
Adviser
or
could
be
taken
in
the
future
to
enhance
performance.
Having
considered,
among
other
things:
(1) the
Fund’s
management
fee
compared
to
comparable
mutual
funds;
(2)
the
Fund’s
total
expense
ratio
compared
to
comparable
mutual
funds;
(3)
that
the
Adviser’s
willingness
to
limit
the
expenses
of
certain
classes
for
a
period
of
time
would
provide
stability
to
the
Fund’s
expenses
for
those
share
classes
during
that
period;
and
(4)
the
Fund’s
performance
during
the
periods
reviewed,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
Trivalent
International
Fund—Core
Equity:
The
Board
compared
the
Fund’s
Class
A
performance
for
the
one-,
three-,
five-
and
ten-year
periods
ended
June
30,
2023,
to
that
of
the
median
performance
of
the
Fund’s
peer
group
and
benchmark
index
for
the
same
periods
and
considered
the
fact
that
the
Fund
outperformed
the
benchmark
index
for
the
one-year
period,
underperformed
the
benchmark
index
for
the
three-,
five-
and
ten-year
periods,
underperformed
the
peer
group
median
for
the
one-,
three-
and
five-year
periods,
and
matched
the
peer
group
median
for
the
ten-year
period.
Having
considered,
among
other
things:
(1) the
Fund’s
management
fee
was
compared
to
comparable
mutual
funds;
(2)
the
Fund’s
total
expense
ratio
compared
to
comparable
mutual
funds;
(3)
that
the
Adviser’s
willingness
to
limit
the
expenses
of
certain
classes
for
a
period
of
time
would
provide
stability
to
the
Fund’s
expenses
for
those
share
classes
during
that
period;
and
(4)
the
Fund’s
performance
during
the
periods
reviewed,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
Trivalent
International
Small-Cap
Fund:
The
Board
compared
the
Fund’s
Class
A
performance
for
the
one-,
three-,
five-
and
ten-year
periods
ended
June
30,
2023,
to
that
of
the
median
performance
of
the
Fund’s
peer
group
and
benchmark
index
for
the
same
periods
and
considered
the
fact
that
the
Fund
outperformed
the
benchmark
index
for
the
one-,
five-
and
ten-year
periods,
underperformed
the
benchmark
index
for
the
three-year
period,
outperformed
the
peer
group
median
for
the
one-
and
ten-year
periods,
underperformed
the
peer
group
median
for
the
three-year
period,
and
matched
the
peer
group
median
for
the
five-year
period.
Having
considered,
among
other
things:
(1) the
Fund’s
management
fee
was
compared
to
comparable
mutual
funds;
(2)
the
Fund’s
total
expense
ratio
compared
to
comparable
mutual
funds;
(3)
that
the
Adviser’s
willingness
to
limit
the
expenses
of
certain
classes
for
a
period
of
time
would
provide
stability
to
the
Fund’s
expenses
for
those
share
classes
during
that
period;
and
(4)
the
Fund’s
performance
during
the
periods
reviewed,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
Total
Return
Bond
Fund:
The
Board
compared
the
Fund’s
Class
A
performance
for
the
one-,
three-,
five-
and
ten-year
periods
ended
June
30,
2023,
to
that
of
the
median
performance
of
the
Fund’s
peer
group
and
benchmark
index
for
the
same
periods
and
considered
the
fact
that
the
Fund
underperformed
the
benchmark
index
for
the
one-,
five-
and
ten-year
periods,
outperformed
the
benchmark
index
for
the
three-year
period,
and
underperformed
the
peer
group
median
for
all
of
the
periods
reviewed.
Having
considered,
among
other
things:
(1) the
Fund’s
management
fee
compared
to
comparable
mutual
funds;
(2)
the
Fund’s
total
expense
ratio
compared
to
comparable
mutual
funds;
(3)
that
the
Adviser’s
willingness
to
limit
the
expenses
of
certain
classes
for
a
period
of
time
would
provide
stability
to
the
Fund’s
expenses
for
those
share
classes
during
that
period;
and
(4)
the
Fund’s
performance
during
the
periods
reviewed,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
150
(Unaudited)
Conclusion:
Based
on
its
review
of
the
information
requested
and
provided,
and
following
extended
discussions,
the
Board
determined
that:
(i)
the
Adviser’s
services
benefitted
the
Funds’
shareholders,
particularly
in
light
of
the
nature
of
the
Funds
and
the
services
required
to
support
the
Funds;
(ii)
it
was
generally
satisfied
with
the
nature,
quality
and
extent
of
the
services
provide
by
the
Adviser
to
the
Funds;
and
(iii)
the
Agreement,
on
behalf
of
the
Funds
discussed
above,
was
consistent
with
the
best
interests
of
each
Fund
and
its
shareholders.
Accordingly,
the
Board
unanimously
approved
the
Agreement,
on
behalf
of
each
Fund,
for
an
additional
annual
period
on
the
basis
of
the
foregoing
review
and
discussions
and
the
following
considerations,
among
others:
The
fairness
and
reasonableness
of
the
investment
advisory
fee
payable
to
the
Adviser
under
the
Agreement
in
light
of
the
investment
advisory
services
provided,
the
costs
of
these
services,
the
profitability
of
the
Adviser’s
relationship
with
the
Fund
and
the
comparability
of
the
fee
paid
to
the
fees
paid
by
other
investment
companies;
The
nature,
quality
and
extent
of
the
investment
advisory
services
provided
by
the
Adviser;
The
Adviser’s
entrepreneurial
commitment
to
the
management
of
the
Funds
and
the
creation
of
a
broad-based
family
of
funds,
which
entails
a
substantial
commitment
of
the
Adviser’s
resources
to
the
successful
operation
of
the
Funds;
The
Adviser’s
representations
regarding
its
staffing
and
capabilities
to
manage
the
Funds,
including
the
retention
of
personnel
with
relevant
portfolio
management
experience;
The
Adviser’s
efforts
to
enhance
investment
results
by,
among
other
things,
developing
and
supporting
quality
portfolio
management
teams;
and
The
overall
high
quality
of
the
personnel,
operations,
financial
condition,
investment
management
capabilities,
methodologies
and
perfor-
mance
of
the
Adviser.
Victory
Portfolios
151
(Unaudited)
Supplemental
Information
—
continued
December
31,
2023
Privacy
Policy
Facts
WHAT
DOES
VICTORY
DO
WITH
YOUR
PERSONAL
INFORMATION?
Why?
Financial
companies
choose
how
they
share
your
personal
information.
Federal
law
gives
consumers
the
right
to
limit
some,
but
not
all
sharing.
Federal
law
also
requires
us
to
tell
you
how
we
collect,
share,
and
protect
your
personal
information.
Please
read
this
notice
carefully
to
understand
what
we
do.
What?
The
types
of
personal
information
we
collect,
and
share
depend
on
the
product
or
service
you
have
with
us.
This
information
can
include:
■
Social
Security
number
and
income.
■
Account
balances
and
account
transactions.
■
Data
from
public
sources
and
third-party
data
services.
How?
All
financial
companies
need
to
share
customers’
personal
information
to
run
their
everyday
business
as
permitted
by
law.
For
example,
we
share
with
print
and
mail
companies
that
assist
us
in
sending
mail.
In
the
section
below,
we
list
the
reasons
financial
companies
can
share
their
customers’
personal
information,
the
reasons
Victory
chooses
to
share
and
whether
you
can
limit
this
sharing.
Reasons
we
can
share
your
personal
information
Does
Victory
share?
Can
you
limit
this
sharing?
For
our
everyday
business
purposes
—
such
as
to
process
your
transactions,
maintain
your
accounts,
respond
to
court
orders
and
legal
investigations,
or
report
to
credit
bureaus
Yes
No
For
our
marketing
purposes
—
to
offer
products
and
services
provided
by
Victory
Yes
No
For
joint
marketing
—
sharing
with
other
financial
companies
to
jointly
market
the
other
company’s
products
or
services
No
We
do
not
share
For
everyday
business
purposes
of
the
Victory
family
of
companies
—
this
can
include
information
about
your
Victory
transactions
and
experiences
Yes
No
For
everyday
business
purposes
of
the
Victory
family
of
companies
—
this
can
include
information
about
your
creditworthiness
or
insurability
No
We
do
not
share
For
non-Victory
companies
to
market
to
you
No
We
do
not
share
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
152
(Unaudited)
To
limit
our
sharing
■
Visit
us
online:
vcm.com/optout
■
Call
(877)
660-4400
–
our
menu
will
prompt
you
through
your
choices.
Please
note:
If
you
are
a
new
customer,
we
can
begin
sharing
this
information
30
days
from
the
date
we
sent
this
notice.
When
you
are
no
longer
our
customer,
we
continue
to
share
and
protect
your
information
as
described
in
this
notice.
However,
you
can
contact
us
at
any
time
to
limit
our
sharing.
Questions?
Call
your
account
representative
or
(877)
660-4400
and
ask
to
speak
to
a
representative.
Who
we
are
Who
is
providing
this
notice?
Victory
Capital
Holdings,
Inc.,
and
its
family
of
companies,
including
companies
identified
with
the
Victory
Capital
name
as
described
in
the
affiliates
section
below.
What
we
do
How
does
Victory
protect
my
personal
information?
To
protect
your
personal
information
from
unauthorized
access
and
use,
we
use
security
measures
that
comply
with
federal
law.
These
measures
include
computer
safeguards
and
secured
files
and
buildings.
How
does
Victory
collect
my
personal
information?
We
collect
your
personal
information,
for
example,
when
you:
■
Open
an
account
or
make
deposits
or
withdrawals
from
your
account.
■
Give
us
your
contact
or
account
information.
■
Direct
us
to
buy
or
sell
securities.
We
also
collect
your
personal
information
from
others,
such
as
credit
bureaus,
affiliates,
or
other
companies.
Why
can’t
I
limit
all
sharing?
Federal
law
gives
you
the
right
to
limit
only:
■
Sharing
among
affiliated
companies
for
everyday
business
purposes
information
about
your
creditworthiness
and
insurability.
■
Affiliates
from
using
your
information
to
market
to
you.
■
Sharing
for
nonaffiliates
to
market
to
you.
State
laws
and
individual
companies
may
give
you
additional
rights
to
limit
sharing.
See
below
for
more
on
your
rights
under
state
law.
What
happens
when
I
limit
sharing
for
an
account
I
hold
jointly
with
someone
else?
Your
choices
will
apply
to
everyone
on
your
account.
Definitions
Victory
family
of
companies
(affiliates)
Companies
owned
or
controlled
by
Victory
Capital
Holdings,
Inc.
They
can
be
financial
and
nonfinancial
companies
in
the
Victory
family
of
companies.
■
The
Victory
family
of
companies
includes:
companies
with
a
Victory
Capital
name,
including
without
limitation
Victory
Capital
Services,
Inc.,
Victory
Capital
Transfer
Agency,
Inc.,
Victory
Capital
Management
Inc.
and
its
subsidiaries,
RS
Investments
(UK)
Limited,
RS
Investments
(Hong
Kong)
Limited,
and
RS
Investment
Management
(Singapore)
Pte.
Ltd.,
as
well
as
pooled
vehicles
managed
or
administered
by
Victory
Capital
Management
Inc.,
from
time
to
time.
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
153
(Unaudited)
Non-Victory
companies
(nonaffiliates)
Companies
not
related
by
common
ownership
or
control.
They
can
be
financial
and
nonfinancial
companies.
■
We
only
share
with
non-Victory
companies
to
service
transactions
you
request
or
as
necessary
to
provide
our
services.
■
We
do
not
share
with
non-Victory
companies
so
they
can
market
their
products
to
you.
Joint
Marketing
A
formal
agreement
between
a
Victory
company
and
a
non-Victory
financial
company
to
market
the
non-Victory
company’s
products
or
services
to
you.
■
We
do
not
share
with
any
non-Victory
financial
company
for
joint
marketing.
Other
important
information
For
Nevada
Residents
:
Nevada
law
requires
that
we
tell
you
about
the
option
to
be
placed
on
our
internal
do-
not-call
list.
If
you’d
rather
not
receive
sales
calls
from
us,
please
call
(877)
660-4400
and
ask
to
speak
to
a
representative
so
we
can
place
you
on
our
do-not-call
list.
You
may
also
contact:
Bureau
of
Consumer
Protection
Office
of
the
Nevada
Attorney
General,
555
E.
Washington
Ave.,
Ste.
3900,
Las
Vegas,
NV
89101,
call
1-702-486-3132
or
Email:
BCPINFO@ag.state.nv.us.
For
Vermont
Residents
:
In
accordance
with
Vermont
law,
we
will
not
share
information
we
collect
about
you
with
companies
who
are
not
affiliates,
except
as
permitted
by
law,
such
as
with
your
consent
or
to
service
your
accounts.
We
will
not
share
information
about
your
creditworthiness
with
our
affiliates
without
your
authorization
or
consent,
but
we
may
share
information
about
our
transactions
or
experiences
with
you
with
our
affiliates
as
permitted
by
law.
For
California
Residents
:
In
accordance
with
California
law,
we
will
not
share
information
we
collect
about
you
with
nonaffiliates,
except
as
allowed
by
law.
For
example,
we
may
share
information
with
your
consent
or
to
service
your
accounts.
Among
our
affiliates,
we
will
limit
information
sharing
to
the
extent
required
by
California
law.
Victory
Funds
P.O.
Box
182593
Columbus,
Ohio
43218-2593
Visit
our
website
at:
vcm.com
Call
Victory
at:
800-539-FUND
(800-539-3863)
800-235-8396
for
Member
Class
VP-MUNDER-SAR
(12/23)
December
31,
2023
Semi
Annual
Report
Victory
Diversified
Stock
Fund
Victory
Special
Value
Fund
Victory
THB
US
Small
Opportunities
Fund
Victory
Strategic
Allocation
Fund
Victory
Fund
for
Income
Victory
Investment
Grade
Convertible
Fund
vcm.com
News,
Information
And
Education
24
Hours
A
Day,
7
Days
A
Week
The
Victory
Capital
website
gives
fund
shareholders,
prospective
shareholders,
and
investment
professionals
a
convenient
way
to
access
fund
information,
get
guidance,
and
track
fund
performance
anywhere
they
can
access
the
Internet.
The
site
includes:
Detailed
performance
records
Daily
share
prices
The
latest
fund
news
Investment
resources
to
help
you
become
a
better
investor
A
section
dedicated
to
investment
professionals
Whether
you’re
a
potential
investor
searching
for
the
fund
that
matches
your
investment
philosophy,
a
seasoned
investor
interest-
ed
in
planning
tools,
or
an
investment
professional,
vcm.com
has
what
you
seek.
Visit
us
anytime.
We’re
always
open.
TABLE
OF
CONTENTS
Victory
Portfolios
1
Investment
Objectives
and
Portfolio
Holdings
3
Schedules
of
Portfolio
Investments
Victory
Diversified
Stock
Fund
9
Victory
Special
Value
Fund
12
Victory
THB
US
Small
Opportunities
Fund
15
Victory
Strategic
Allocation
Fund
18
Victory
Fund
for
Income
19
Victory
Investment
Grade
Convertible
Fund
21
Financial
Statements
Statements
of
Assets
and
Liabilities
23
Statements
of
Operations
25
Statements
of
Changes
in
Net
Assets
27
Financial
Highlights
35
Notes
to
Financial
Statements
62
Supplemental
Information
Proxy
Voting
and
Portfolio
Holdings
Information 
72
Expense
Examples
72
Advisory
Contract
Approval
74
Privacy
Policy
77
2
Call
Victory
at:
800-539-FUND
(800-539-3863)
800-235-8396
for
Member
Class
Visit
our
website
at:
vcm.com
IRA
DISTRIBUTION
WITHHOLDING
DISCLOSURE
We
generally
must
withhold
federal
income
tax
at
a
rate
of
10%
of
the
taxable
portion
of
your
distribution
and,
if
you
live
in
a
state
that
requires
state
income
tax
withholding,
at
your
state’s
tax
rate.
However,
you
may
elect
not
to
have
withholding
apply
or
to
have
income
tax
withheld
at
a
higher
rate.
Any
withholding
election
that
you
make
will
apply
to
any
subsequent
distribution
unless
and
until
you
change
or
revoke
the
election.
If
you
wish
to
make
a
withholding
election,
or
change
or
revoke
a
prior
withholding
election,
call
800-539-3863
(800-235-8396
for
Member
Class)
and
form
W-4P
(OMB
No.
1545-0074
withholding
certificate
for
pension
or
annuity
payments)
will
be
electronically
sent.
If
you
do
not
have
a
withholding
election
in
place
by
the
date
of
a
distribution,
federal
income
tax
will
be
withheld
from
the
taxable
portion
of
your
distribution
at
a
rate
of
10%.
If
you
must
pay
estimated
taxes,
you
may
be
subject
to
estimated
tax
penalties
if
your
estimated
tax
payments
are
not
sufficient
and
sufficient
tax
is
not
withheld
from
your
distribution.
For
more
specific
information,
please
consult
your
tax
adviser.
The
Funds
are
distributed
by
Victory
Capital
Services,
Inc.
Victory
Capital
Management
Inc.
is
the
investment
adviser
to
the
Funds
and
receives
fees
from
the
Funds
for
performing
services
for
the
Funds.
This
report
is
not
authorized
for
distribution
to
prospective
investors
unless
preceded
or
accompanied
by
a
current
prospectus
of
the
Victory
Funds.
For
additional
information
about
any
Victory
Fund,
including
fees,
expenses,
and
risks,
view
our
prospectus
online
at
vcm.com
or
call
800-539-3863
(800-235-8396
for
Member
Class).
Read
it
carefully
before
you
invest
or
send
money.
The
information
in
this
report
is
based
on
data
obtained
from
recognized
services
and
sources
and
is
believed
to
be
reliable.
Any
opinions,
projections,
or
recommendations
in
this
report
are
subject
to
change
without
notice
and
are
not
intended
as
individual
investment
advice.
Past
investment
performance
of
the
Funds,
markets
or
securities
mentioned
herein
should
not
be
considered
to
be
indicative
of
future
results.
NOT
FDIC
INSURED
NO
BANK
GUARANTEE
MAY
LOSE
VALUE
3
Victory
Portfolios
Victory
Diversified
Stock
Fund
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
long-term
growth
of
capital.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
Microsoft
Corp.
6.7%
Apple,
Inc.
6.1%
Alphabet,
Inc.,
Class
C
4.6%
Amazon.com,
Inc.
2.9%
Eli
Lilly
&
Co.
2.4%
SPDR
S&P
500
ETF
Trust
2.2%
JPMorgan
Chase
&
Co.
2.1%
NVIDIA
Corp.
1.9%
Visa,
Inc.,
Class
A
1.8%
Cadence
Design
Systems,
Inc.
1.6%
Information
Technology
24.1%
Financials
17.4%
Health
Care
13.5%
Industrials
10.5%
Consumer
Discretionary
10.5%
Communication
Services
8.6%
Energy
4.6%
Consumer
Staples
4.2%
Exchange-Traded
Funds
2.2%
Real
Estate
1.8%
4
Victory
Portfolios
Victory
Special
Value
Fund
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
long-term
growth
of
capital
and
dividend
income.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
Microsoft
Corp.
6.7%
Apple,
Inc.
6.3%
Alphabet,
Inc.,
Class
C
4.7%
Amazon.com,
Inc.
2.9%
Eli
Lilly
&
Co.
2.4%
JPMorgan
Chase
&
Co.
2.2%
NVIDIA
Corp.
1.9%
Visa,
Inc.,
Class
A
1.8%
Cadence
Design
Systems,
Inc.
1.6%
Amphastar
Pharmaceuticals,
Inc.
1.5%
Information
Technology
24.3%
Financials
17.5%
Health
Care
13.6%
Consumer
Discretionary
10.6%
Industrials
10.6%
Communication
Services
8.7%
Energy
4.6%
Consumer
Staples
4.2%
Real
Estate
1.8%
Exchange-Traded
Funds
1.2%
5
Victory
Portfolios
Victory
THB
US
Small
Opportunities
Fund
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
capital
appreciation.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
ePlus,
Inc.
2.8%
UFP
Technologies,
Inc.
2.5%
M/I
Homes,
Inc.
2.3%
LeMaitre
Vascular,
Inc.
2.2%
Transcat,
Inc.
2.1%
RPC,
Inc.
2.1%
Limbach
Holdings,
Inc.
2.0%
HarborOne
Bancorp,
Inc.
2.0%
Immersion
Corp.
1.9%
Century
Communities,
Inc.
1.9%
Industrials
22.3%
Information
Technology
18.6%
Consumer
Discretionary
17.5%
Health
Care
16.5%
Financials
9.8%
Energy
7.8%
Materials
6.1%
Utilities
0.4%
Consumer
Staples
0.1%
6
Victory
Portfolios
Victory
Strategic
Allocation
Fund
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
income
and
long-term
growth
of
capital.
Top
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
Victory
Total
Return
Bond
Fund,
Class
R6
30.9%
Victory
RS
Global
Fund,
Class
Y
28.9%
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
9.5%
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
6.4%
Victory
Trivalent
International
Small-Cap
Fund,
Class
I
6.2%
Victory
Investment
Grade
Convertible
Fund,
Class
I
5.7%
Victory
Global
Energy
Transition
Fund,
Class
Y
4.7%
Victory
RS
Partners
Fund,
Class
Y
3.7%
Victory
Integrity
Discovery
Fund,
Class
Y
3.6%
Affiliated
Mutual
Funds
93.2%
Affiliated
Exchange-Traded
Funds
6.4%
7
Victory
Portfolios
Victory
Fund
for
Income
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide a
high
level
of
current
income
consistent
with
preservation
of
shareholders'
capital.
Asset
Allocation*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Percentages
are
of
the
net
assets
of
the
Fund
and
may
not
equal
100%.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
8
Victory
Portfolios
Victory
Investment
Grade
Convertible
Fund
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
a
high
level
of
current
income
together
with
long-term
capital
appreciation.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
Booking
Holdings,
Inc.,
0.75%,
5/1/25
6.2%
Wells
Fargo
&
Co.,
Series
L,
7.50%
5.9%
Bank
of
America
Corp.,
Series
L,
7.25%
5.7%
Pioneer
Natural
Resources
Co.,
0.25%,
5/15/25
5.7%
Southwest
Airlines
Co.,
1.25%,
5/1/25
5.6%
EQT
Corp.,
1.75%,
5/1/26
5.2%
NextEra
Energy,
Inc.,
6.93%,
9/1/25
4.6%
Expedia
Group,
Inc.,
2/15/26
4.2%
Barclays
Bank
PLC,
2/4/25
3.8%
Ford
Motor
Co.,
3/15/26
3.7%
Financials
29.6%
Utilities
14.8%
Consumer
Discretionary
14.4%
Energy
10.9%
Industrials
8.9%
Information
Technology
7.8%
Real
Estate
5.5%
Health
Care
4.8%
Materials
0.5%
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
Victory
Diversified
Stock
Fund
9
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Common
Stocks
(96.2%)
Communication
Services
(8.6%):
Alphabet,
Inc.
,
Class
C
(a)
.................................................
93,863
$
13,228
Meta
Platforms,
Inc.
,
Class
A
(a)
............................................
4,337
1,535
Netflix,
Inc.
(a)
.........................................................
3,163
1,540
The
New
York
Times
Co.
,
Class
A
...........................................
57,559
2,820
T-Mobile
US,
Inc.
......................................................
9,738
1,561
Yelp,
Inc.
(a)
...........................................................
86,084
4,075
24,759
Consumer
Discretionary
(10.5%):
Amazon.com,
Inc.
(a)
....................................................
53,902
8,190
AutoZone,
Inc.
(a)
.......................................................
1,470
3,801
Booking
Holdings,
Inc.
(a)
.................................................
989
3,508
McDonald's
Corp.
......................................................
13,839
4,103
O'Reilly
Automotive,
Inc.
(a)
...............................................
3,736
3,550
Starbucks
Corp.
........................................................
29,076
2,792
Tesla,
Inc.
(a)
..........................................................
4,971
1,235
TopBuild
Corp.
(a)
......................................................
7,768
2,907
30,086
Consumer
Staples
(4.2%):
BellRing
Brands,
Inc.
(a)
..................................................
39,965
2,215
Casey's
General
Stores,
Inc.
...............................................
9,278
2,549
Darling
Ingredients,
Inc.
(a)
................................................
33,764
1,683
MGP
Ingredients,
Inc.
....................................................
26,616
2,622
Philip
Morris
International,
Inc.
.............................................
32,118
3,022
12,091
Energy
(4.6%):
Diamondback
Energy,
Inc.
................................................
21,277
3,300
EOG
Resources,
Inc.
....................................................
26,630
3,221
Halliburton
Co.
........................................................
48,222
1,743
Matador
Resources
Co.
...................................................
55,338
3,147
Schlumberger
NV
......................................................
31,081
1,617
13,028
Financials
(17.4%):
Ameriprise
Financial,
Inc.
.................................................
10,214
3,880
Axos
Financial,
Inc.
(a)
...................................................
53,194
2,904
Chubb
Ltd.
...........................................................
11,727
2,650
Corebridge
Financial,
Inc.
.................................................
88,347
1,914
First
Citizens
Bancshares,
Inc.
,
Class
A
.......................................
1,169
1,659
Fiserv,
Inc.
(a)
..........................................................
26,755
3,554
Globe
Life,
Inc.
........................................................
30,434
3,704
Interactive
Brokers
Group,
Inc.
.............................................
31,248
2,591
JPMorgan
Chase
&
Co.
..................................................
36,243
6,165
Kinsale
Capital
Group,
Inc.
................................................
5,002
1,675
LPL
Financial
Holdings,
Inc.
...............................................
11,063
2,518
NMI
Holdings,
Inc.
,
Class
A
(a)
.............................................
96,125
2,853
Shift4
Payments,
Inc.
,
Class
A
(a)
............................................
25,559
1,900
The
Bancorp,
Inc.
(a)
.....................................................
103,814
4,003
Visa,
Inc.
,
Class
A
......................................................
19,931
5,189
W.R.
Berkley
Corp.
.....................................................
37,758
2,670
49,829
Health
Care
(13.5%):
Amphastar
Pharmaceuticals,
Inc.
(a)
..........................................
68,479
4,235
Cencora,
Inc.
..........................................................
19,212
3,946
Elevance
Health,
Inc.
....................................................
5,665
2,671
Eli
Lilly
&
Co.
.........................................................
11,672
6,804
HCA
Healthcare,
Inc.
....................................................
10,130
2,742
McKesson
Corp.
.......................................................
8,369
3,875
Medpace
Holdings,
Inc.
(a)
................................................
5,942
1,821
Victory
Portfolios
Victory
Diversified
Stock
Fund
10
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Novo
Nordisk
A/S
,
ADR
..................................................
35,385
$
3,661
Stryker
Corp.
..........................................................
5,564
1,666
The
Cigna
Group
.......................................................
5,353
1,603
The
Ensign
Group,
Inc.
...................................................
35,973
4,037
Zoetis,
Inc.
...........................................................
8,963
1,769
38,830
Industrials
(10.5%):
AGCO
Corp.
..........................................................
17,878
2,171
Allison
Transmission
Holdings,
Inc.
.........................................
26,063
1,516
Comfort
Systems
USA,
Inc.
...............................................
15,867
3,263
EMCOR
Group,
Inc.
....................................................
17,458
3,761
GXO
Logistics,
Inc.
(a)
...................................................
33,275
2,035
Janus
International
Group,
Inc.
(a)
...........................................
147,037
1,919
Saia,
Inc.
(a)
...........................................................
7,061
3,094
Terex
Corp.
...........................................................
42,508
2,443
United
Rentals,
Inc.
.....................................................
5,786
3,318
Verra
Mobility
Corp.
(a)
..................................................
133,271
3,069
W.W.
Grainger,
Inc.
.....................................................
2,182
1,808
Westinghouse
Air
Brake
Technologies
Corp.
....................................
13,982
1,774
30,171
Information
Technology
(24.1%):
Adobe,
Inc.
(a)
.........................................................
4,234
2,526
Apple,
Inc.
...........................................................
91,513
17,619
Arista
Networks,
Inc.
(a)
..................................................
12,118
2,854
Badger
Meter,
Inc.
......................................................
10,881
1,680
Broadcom,
Inc.
........................................................
3,399
3,794
Cadence
Design
Systems,
Inc.
(a)
............................................
16,353
4,454
Cisco
Systems,
Inc.
.....................................................
71,110
3,592
Fabrinet
(a)
............................................................
15,291
2,910
Microchip
Technology,
Inc.
................................................
17,341
1,564
Microsoft
Corp.
........................................................
51,210
19,257
NVIDIA
Corp.
.........................................................
11,038
5,466
ON
Semiconductor
Corp.
(a)
...............................................
17,595
1,470
ServiceNow,
Inc.
(a)
.....................................................
2,815
1,989
69,175
Materials
(1.0%):
Linde
PLC
............................................................
3,443
1,414
Summit
Materials,
Inc.
,
Class
A
(a)
..........................................
40,628
1,563
2,977
Real
Estate
(1.8%):
Simon
Property
Group,
Inc.
...............................................
15,560
2,220
VICI
Properties,
Inc.
....................................................
90,842
2,896
5,116
Total
Common
Stocks
(Cost
$193,821)
a
a
a
276,062
Exchange-Traded
Funds
(2.2%)
SPDR
S&P
500
ETF
Trust
................................................
13,670
6,497
Total
Exchange-Traded
Funds
(Cost
$5,692)
a
a
a
6,497
Total
Investments
(Cost
$199,513)
—
98.4%
282,559
Other
assets
in
excess
of
liabilities
—
1.6%
4,461
NET
ASSETS
-
100.00%
$
287,020
Victory
Portfolios
Victory
Diversified
Stock
Fund
11
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
(a)
Non-income
producing
security.
ADR
—
American
Depositary
Receipt
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
Victory
Special
Value
Fund
12
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Common
Stocks
(96.9%)
Communication
Services
(8.7%):
Alphabet,
Inc.,
Class
C(a)
.................................................
13,762
$
1,939
Meta
Platforms,
Inc.,
Class
A(a)
............................................
638
226
Netflix,
Inc.(a)
.........................................................
457
223
The
New
York
Times
Co.,
Class
A
...........................................
8,303
407
T-Mobile
US,
Inc.
......................................................
1,410
226
Yelp,
Inc.(a)
...........................................................
12,368
585
3,606
Consumer
Discretionary
(10.6%):
Amazon.com,
Inc.(a)
....................................................
7,919
1,203
AutoZone,
Inc.(a)
.......................................................
217
561
Booking
Holdings,
Inc.(a)
.................................................
143
507
McDonald's
Corp.
......................................................
2,031
602
O'Reilly
Automotive,
Inc.(a)
...............................................
538
511
Starbucks
Corp.
........................................................
4,174
401
Tesla,
Inc.(a)
..........................................................
719
179
TopBuild
Corp.(a)
......................................................
1,116
418
4,382
Consumer
Staples
(4.2%):
BellRing
Brands,
Inc.(a)
..................................................
5,777
320
Casey's
General
Stores,
Inc.
...............................................
1,341
369
Darling
Ingredients,
Inc.(a)
................................................
4,851
242
MGP
Ingredients,
Inc.
....................................................
3,896
384
Philip
Morris
International,
Inc.
.............................................
4,638
436
1,751
Energy
(4.6%):
Diamondback
Energy,
Inc.
................................................
3,059
474
EOG
Resources,
Inc.
....................................................
3,828
463
Halliburton
Co.
........................................................
7,083
256
Matador
Resources
Co.
...................................................
7,956
452
Schlumberger
NV
......................................................
4,564
238
1,883
Financials
(17.5%):
Ameriprise
Financial,
Inc.
.................................................
1,479
562
Axos
Financial,
Inc.(a)
...................................................
7,636
417
Chubb
Ltd.
...........................................................
1,692
382
Corebridge
Financial,
Inc.
.................................................
12,772
277
First
Citizens
Bancshares,
Inc.,
Class
A
.......................................
170
241
Fiserv,
Inc.(a)
..........................................................
3,899
518
Globe
Life,
Inc.
........................................................
4,409
537
Interactive
Brokers
Group,
Inc.
.............................................
4,595
381
JPMorgan
Chase
&
Co.
..................................................
5,251
893
Kinsale
Capital
Group,
Inc.
................................................
723
242
LPL
Financial
Holdings,
Inc.
...............................................
1,597
363
NMI
Holdings,
Inc.,
Class
A(a)
.............................................
14,045
417
Shift4
Payments,
Inc.,
Class
A(a)
............................................
3,709
276
The
Bancorp,
Inc.(a)
.....................................................
15,176
585
Visa,
Inc.,
Class
A
......................................................
2,896
754
W.R.
Berkley
Corp.
.....................................................
5,448
385
7,230
Health
Care
(13.6%):
Amphastar
Pharmaceuticals,
Inc.(a)
..........................................
9,830
608
Cencora,
Inc.
..........................................................
2,825
580
Elevance
Health,
Inc.
....................................................
817
385
Eli
Lilly
&
Co.
.........................................................
1,678
978
HCA
Healthcare,
Inc.
....................................................
1,465
397
McKesson
Corp.
.......................................................
1,230
569
Medpace
Holdings,
Inc.(a)
................................................
862
264
Victory
Portfolios
Victory
Special
Value
Fund
13
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Novo
Nordisk
A/S,
ADR
..................................................
5,083
$
526
Stryker
Corp.
..........................................................
804
241
The
Cigna
Group
.......................................................
777
233
The
Ensign
Group,
Inc.
...................................................
5,283
593
Zoetis,
Inc.
...........................................................
1,294
255
5,629
Industrials
(10.6%):
AGCO
Corp.
..........................................................
2,586
314
Allison
Transmission
Holdings,
Inc.
.........................................
3,744
218
Comfort
Systems
USA,
Inc.
...............................................
2,343
482
EMCOR
Group,
Inc.
....................................................
2,519
543
GXO
Logistics,
Inc.(a)
...................................................
4,800
294
Janus
International
Group,
Inc.(a)
...........................................
21,519
281
Saia,
Inc.(a)
...........................................................
1,014
444
Terex
Corp.
...........................................................
6,134
352
United
Rentals,
Inc.
.....................................................
840
482
Verra
Mobility
Corp.(a)
..................................................
19,168
441
W.W.
Grainger,
Inc.
.....................................................
323
268
Westinghouse
Air
Brake
Technologies
Corp.
....................................
2,029
257
4,376
Information
Technology
(24.3%):
Adobe,
Inc.(a)
.........................................................
611
364
Apple,
Inc.
...........................................................
13,540
2,607
Arista
Networks,
Inc.(a)
..................................................
1,748
412
Badger
Meter,
Inc.
......................................................
1,565
242
Broadcom,
Inc.
........................................................
488
545
Cadence
Design
Systems,
Inc.(a)
............................................
2,376
647
Cisco
Systems,
Inc.
.....................................................
10,280
519
Fabrinet(a)
............................................................
2,247
428
Microchip
Technology,
Inc.
................................................
2,503
226
Microsoft
Corp.
........................................................
7,365
2,769
NVIDIA
Corp.
.........................................................
1,593
789
ON
Semiconductor
Corp.(a)
...............................................
2,548
213
ServiceNow,
Inc.(a)
.....................................................
405
286
10,047
Materials
(1.0%):
Linde
PLC
............................................................
500
205
Summit
Materials,
Inc.,
Class
A(a)
..........................................
5,841
225
430
Real
Estate
(1.8%):
Simon
Property
Group,
Inc.
...............................................
2,233
318
VICI
Properties,
Inc.
....................................................
13,068
417
735
Total
Common
Stocks
(Cost
$28,255)
a
a
a
40,069
Exchange-Traded
Funds
(1.2%)
SPDR
S&P
500
ETF
Trust
................................................
1,008
479
Total
Exchange-Traded
Funds
(Cost
$456)
a
a
a
479
Total
Investments
(Cost
$28,711)
—
98.1%
40,548
Other
assets
in
excess
of
liabilities
—
1.9%
792
NET
ASSETS
-
100.00%
$
41,340
Victory
Portfolios
Victory
Special
Value
Fund
14
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
(a)
Non-income
producing
security.
ADR
—
American
Depositary
Receipt
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
Victory
THB
US
Small
Opportunities
Fund
15
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Common
Stocks
(99.1%)
Consumer
Discretionary
(17.5%):
Atmus
Filtration
Technologies,
Inc.
(a)
(b)
......................................
6,190
$
145
Beyond,
Inc.
(a)
........................................................
10,850
301
BJ's
Restaurants,
Inc.
(a)
..................................................
6,654
240
Century
Communities,
Inc.
................................................
3,400
310
Figs,
Inc.
,
Class
A
(a)
....................................................
30,140
210
Gentherm,
Inc.
(a)
.......................................................
1,840
96
Holley,
Inc.
(a)
.........................................................
48,920
238
Johnson
Outdoors,
Inc.
,
Class
A
............................................
5,660
302
Latham
Group,
Inc.
(a)
...................................................
64,015
168
M/I
Homes,
Inc.
(a)
......................................................
2,795
385
MarineMax,
Inc.
(a)
.....................................................
1,540
60
MasterCraft
Boat
Holdings,
Inc.
(a)
..........................................
4,690
106
OneSpaWorld
Holdings
Ltd.
(a)
.............................................
4,290
61
Sonos,
Inc.
(a)
.........................................................
12,510
214
The
Cheesecake
Factory,
Inc.
..............................................
1,480
52
2,888
Consumer
Staples
(0.1%):
SunOpta,
Inc.
(a)
........................................................
2,030
11
Energy
(7.8%):
Dril-Quip,
Inc.
(a)
.......................................................
3,620
84
Expro
Group
Holdings
NV
(a)
..............................................
13,006
207
Geospace
Technologies
Corp.
(a)
............................................
5,120
66
RPC,
Inc.
............................................................
46,400
338
Select
Water
Solutions,
Inc.
................................................
20,590
156
Solaris
Oilfield
Infrastructure,
Inc.
,
Class
A
....................................
15,330
122
TETRA
Technologies,
Inc.
(a)
..............................................
67,830
307
1,280
Financials
(9.8%):
BayCom
Corp.
.........................................................
8,142
192
Brightsphere
Investment
Group,
Inc.
.........................................
13,330
255
Employers
Holdings,
Inc.
.................................................
2,450
97
First
Busey
Corp.
.......................................................
12,131
301
HarborOne
Bancorp,
Inc.
.................................................
27,060
324
Live
Oak
Bancshares,
Inc.
................................................
5,190
236
OFG
Bancorp
.........................................................
2,130
80
The
First
Bancshares,
Inc.
.................................................
4,467
131
1,616
Health
Care
(16.5%):
Addus
HomeCare
Corp.
(a)
................................................
2,361
219
Apollo
Medical
Holdings,
Inc.
(a)
...........................................
5,020
192
Artivion,
Inc.
(a)
........................................................
7,705
138
Atrion
Corp.
..........................................................
294
111
Avanos
Medical,
Inc.
(a)
..................................................
450
10
BioLife
Solutions,
Inc.
(a)
.................................................
12,394
201
Catalyst
Pharmaceuticals,
Inc.
(a)
............................................
10,170
171
CryoPort,
Inc.
(a)
.......................................................
6,380
99
Definitive
Healthcare
Corp.
(a)
..............................................
6,450
64
Dynavax
Technologies
Corp.
(a)
.............................................
8,250
115
LeMaitre
Vascular,
Inc.
...................................................
6,436
365
Mesa
Laboratories,
Inc.
..................................................
623
65
OptimizeRx
Corp.
(a)
....................................................
970
14
STAAR
Surgical
Co.
(a)
..................................................
1,050
33
U.S.
Physical
Therapy,
Inc.
................................................
2,820
263
UFP
Technologies,
Inc.
(a)
.................................................
2,380
410
Vericel
Corp.
(a)
........................................................
6,810
243
2,713
Victory
Portfolios
Victory
THB
US
Small
Opportunities
Fund
16
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Industrials
(22.3%):
Allient,
Inc.
...........................................................
7,331
$
222
Argan,
Inc.
...........................................................
1,530
72
Bowman
Consulting
Group
Ltd.
(a)
..........................................
5,010
178
Concrete
Pumping
Holdings,
Inc.
(a)
.........................................
18,423
151
Energy
Recovery,
Inc.
(a)
.................................................
7,970
150
Forward
Air
Corp.
......................................................
520
33
Insteel
Industries,
Inc.
....................................................
7,345
281
Karat
Packaging,
Inc.
....................................................
2,839
71
Limbach
Holdings,
Inc.
(a)
................................................
7,330
333
Liquidity
Services,
Inc.
(a)
.................................................
3,010
52
MYR
Group,
Inc.
(a)
.....................................................
1,571
227
Northwest
Pipe
Co.
(a)
...................................................
5,930
179
NV5
Global,
Inc.
(a)
.....................................................
850
94
Omega
Flex,
Inc.
.......................................................
1,400
99
Park
Aerospace
Corp.
....................................................
15,262
224
Preformed
Line
Products
Co.
..............................................
2,170
291
Standex
International
Corp.
................................................
1,420
225
The
Greenbrier
Cos.,
Inc.
.................................................
5,410
239
The
Shyft
Group,
Inc.
....................................................
686
8
Transcat,
Inc.
(a)
........................................................
3,200
350
Twin
Disc,
Inc.
........................................................
11,325
183
3,662
Information
Technology
(18.6%):
Cerence,
Inc.
(a)
........................................................
6,090
120
CEVA,
Inc.
(a)
.........................................................
470
11
Climb
Global
Solutions,
Inc.
...............................................
2,390
131
ePlus,
Inc.
(a)
..........................................................
5,752
459
FARO
Technologies,
Inc.
(a)
...............................................
6,910
156
Grid
Dynamics
Holdings,
Inc.
(a)
............................................
9,450
126
Ichor
Holdings
Ltd.
(a)
...................................................
6,820
229
Immersion
Corp.
.......................................................
45,310
320
Luna
Innovations,
Inc.
(a)
.................................................
37,100
247
Napco
Security
Technologies,
Inc.
...........................................
1,390
47
NVE
Corp.
...........................................................
1,680
132
PAR
Technology
Corp.
(a)
(b)
...............................................
6,196
270
Perficient,
Inc.
(a)
.......................................................
1,170
77
Richardson
Electronics
Ltd.
...............................................
11,160
149
Ultra
Clean
Holdings,
Inc.
(a)
..............................................
7,993
273
Upland
Software,
Inc.
(a)
..................................................
29,440
124
Vishay
Precision
Group,
Inc.
(a)
.............................................
5,530
188
3,059
Materials
(6.1%):
Century
Aluminum
Co.
(a)
.................................................
18,960
230
Ferroglobe
PLC
(a)
......................................................
17,810
116
Hawkins,
Inc.
.........................................................
2,740
193
Koppers
Holdings,
Inc.
...................................................
3,797
195
Ranpak
Holdings
Corp.
(a)
................................................
22,530
131
Schnitzer
Steel
Industries,
Inc.
.............................................
4,770
144
1,009
Utilities
(0.4%):
Artesian
Resources
Corp.
,
Class
A
...........................................
1,740
72
Total
Common
Stocks
(Cost
$10,700)
a
a
a
16,310
Collateral
for
Securities
Loaned
(1.0%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.25
%
(c)
........
42,155
42
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.30
%
(c)
............
42,155
42
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.28
%
(c)
...............
34,955
35
Victory
Portfolios
Victory
THB
US
Small
Opportunities
Fund
17
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.26
%
(c)
.
49,355
$
50
Total
Collateral
for
Securities
Loaned
(Cost
$169)
a
a
a
169
Total
Investments
(Cost
$10,869)
—
100.1%
16,479
Liabilities
in
excess
of
other
assets
—
(0.1)%
(
17
)
NET
ASSETS
-
100.00%
$
16,462
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Rate
disclosed
is
the
daily
yield
on
December
31,
2023.
PLC
—
Public
Limited
Company
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
Victory
Strategic
Allocation
Fund
18
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Affiliated
Exchange-Traded
Funds
(6.4%)
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
...........................
39,640
$
1,668
Total
Affiliated
Exchange-Traded
Funds
(Cost
$1,006)
a
a
a
1,668
Affiliated
Mutual
Funds
(93.2%)
Victory
Global
Energy
Transition
Fund,
Class
Y
.................................
43,206
1,221
Victory
Integrity
Discovery
Fund,
Class
Y
.....................................
20,368
922
Victory
Investment
Grade
Convertible
Fund,
Class
I
..............................
88,149
1,479
Victory
RS
Global
Fund,
Class
Y
............................................
366,139
7,484
Victory
RS
Partners
Fund,
Class
Y
...........................................
33,145
941
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
...............................
130,318
2,461
Victory
Total
Return
Bond
Fund,
Class
R6
.....................................
955,415
7,997
Victory
Trivalent
International
Small-Cap
Fund,
Class
I
...........................
109,929
1,594
Total
Affiliated
Mutual
Funds
(Cost
$21,434)
a
a
a
24,099
Total
Investments
(Cost
$22,440)
—
99.6%
25,767
Other
assets
in
excess
of
liabilities
—
0.4%
96
NET
ASSETS
-
100.00%
$
25,863
At
December
31,
2023,
the
foreign
securities
held
by
the
underlying
Funds
were
49.3%
of
net
assets.
ETF
—
Exchange-Traded
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
Victory
Fund
for
Income
19
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Principal
Amount
(000)
Value
(000)
Collateralized
Mortgage
Obligations
(3.4%)
Agency
CMO
Other
(3.4%):
Government
National
Mortgage
Association
....................................
Series
2001-10
,
Class
PE
,
6
.50
%
,
3/16/31
,
Callable
1/16/24
@
100
...............
$
68
$
68
Series
2005-74
,
Class
HB
,
7
.50
%
,
9/16/35
.................................
3
3
Series
2005-74
,
Class
HC
,
7
.50
%
,
9/16/35
.................................
25
26
Series
2011-166
,
Class
NT
,
7
.73
%
,
11/20/31
(a)
..............................
411
421
Series
2012-106
,
Class
JM
,
7
.33
%
,
10/20/34
(a)
.............................
304
319
Series
2012-30
,
Class
WB
,
6
.97
%
,
11/20/39
(a)
..............................
893
924
Series
2013-190
,
Class
KT
,
8
.24
%
,
9/20/30
(a)
..............................
92
96
Series
2013-51
,
Class
BL
,
6
.04
%
,
4/20/34
(a)
...............................
914
940
Series
2013-64
,
Class
KY
,
6
.63
%
,
12/20/38
(a)
..............................
441
454
Series
2013-70
,
Class
KP
,
6
.97
%
,
2/20/39
(a)
...............................
454
474
Series
2014-69
,
Class
W
,
7
.20
%
,
11/20/34
(a)
...............................
57
59
Series
2014-74
,
Class
PT
,
7
.88
%
,
5/16/44
(a)
...............................
53
54
Series
2015-77
,
Class
PT
,
7
.14
%
,
6/20/39
(a)
...............................
156
163
Series
2019-22
,
Class
PT
,
7
.94
%
,
2/20/49
(a)
...............................
2,466
2,566
Series
2021-1
,
Class
WT
,
7
.82
%
,
1/20/51
(a)
................................
2,672
2,797
Series
2023-186
,
Class
BT
,
8
.00
%
,
9/20/31
................................
1,892
2,003
11,367
Total
Collateralized
Mortgage
Obligations
(Cost
$12,279)
a
a
a
11,367
U.S.
Government
Agency
Mortgages
(80.5%)
Single
Family
Pass-throughs
(80.1%):
Government
National
Mortgage
Association
7
.00
%
,
2/20/24
-
5/20/39
.............................................
50,352
52,715
6
.50
%
,
3/15/24
-
2/20/41
.............................................
74,900
76,901
7
.50
%
,
5/15/24
-
12/20/38
.............................................
26,355
27,364
6
.00
%
,
10/15/24
-
2/20/49
.............................................
51,382
53,374
8
.00
%
,
10/15/24
-
4/15/38
.............................................
16,626
17,500
9
.00
%
,
4/15/25
-
9/15/30
.............................................
376
391
7
.13
%
,
7/15/25
....................................................
7
7
8
.50
%
,
7/15/25
-
7/15/32
.............................................
1,448
1,508
6
.13
%
,
6/20/28
-
11/20/28
.............................................
132
130
6
.28
%
,
10/20/28
-
9/20/29
.............................................
317
323
6
.10
%
,
5/20/29
-
7/20/31
.............................................
289
296
7
.30
%
,
4/20/30
-
2/20/31
.............................................
118
118
6
.49
%
,
5/20/31
-
3/20/32
.............................................
535
547
5
.50
%
,
3/20/32
-
11/15/45
.............................................
18,843
19,511
4
.50
%
,
12/15/33
-
5/15/41
.............................................
6,918
6,933
5
.00
%
,
1/20/34
-
2/20/42
.............................................
15,238
15,244
4
.00
%
,
8/15/41
....................................................
451
441
273,303
Multi-Family
Pass-throughs
(0.4%):
Government
National
Mortgage
Association
8
.00
%
,
1/15/31
-
11/15/33
.............................................
873
871
7
.75
%
,
9/15/33
....................................................
336
335
6
.00
%
,
4/20/38
....................................................
50
50
1,256
Total
U.S.
Government
Agency
Mortgages
(Cost
$299,439)
a
a
a
274,559
U.S.
Treasury
Obligations
(15.7%)
U.S.
Treasury
Bills
,
5
.36
%
,
2/22/24
(b)
........................................
10,585
10,506
U.S.
Treasury
Bonds
,
7
.50
%
,
11/15/24
........................................
41,997
43,039
Total
U.S.
Treasury
Obligations
(Cost
$54,914)
a
a
a
53,545
Victory
Portfolios
Victory
Fund
for
Income
20
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Investment
Companies
(0.0%)(c)
BlackRock
Liquidity
Funds
FedFund
Portfolio,
Institutional
Shares
,
3
.84
%
(b)
...........
100,252
$
100
Total
Investment
Companies
(Cost
$100)
a
a
a
100
Total
Investments
(Cost
$366,732)
—
99.6%
339,571
Other
assets
in
excess
of
liabilities
—
0.4%
1,390
NET
ASSETS
-
100.00%
$
340,961
(a)
The
rate
for
certain
asset-backed
and
mortgage-backed
securities
may
vary
based
on
factors
relating
to
the
pool
of
assets
underlying
the
security.
The
rate
disclosed
is
the
rate
in
effect
at
December
31,
2023.
(b)
Rate
represents
the
effective
yield
at
December
31,
2023.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
CMO
—
Collateralized
Mortgage
Obligations
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
Victory
Investment
Grade
Convertible
Fund
21
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Common
Stocks
(0.9%)
Health
Care
(0.9%):
Bristol-Myers
Squibb
Co.
.................................................
46,337
$
2,378
Total
Common
Stocks
(Cost
$2,678)
a
a
a
2,378
Principal
Amount
(000)
Convertible
Corporate
Bonds
(76.6%)
Consumer
Discretionary
(14.4%):
Booking
Holdings,
Inc.
,
0
.75
%
,
5/1/25
........................................
$
8,995
16,982
Expedia
Group,
Inc.
,
2/15/26
(a)
.............................................
12,195
11,584
Ford
Motor
Co.
,
3/15/26
(a)
................................................
10,125
10,081
Winnebago
Industries,
Inc.
,
1
.50
%
,
4/1/25
.....................................
755
945
39,592
Energy
(10.9%):
EQT
Corp.
,
1
.75
%
,
5/1/26
.................................................
5,380
14,305
Pioneer
Natural
Resources
Co.
,
0
.25
%
,
5/15/25
.................................
6,381
15,534
29,839
Financials
(14.5%):
Ares
Capital
Corp.
,
4
.63
%
,
3/1/24
...........................................
5,328
5,515
Barclays
Bank
PLC
2/4/25
(a)
........................................................
5,570
10,562
2/18/25
(a)
........................................................
4,330
4,699
Blackstone
Mortgage
Trust,
Inc.
,
5
.50
%
,
3/15/27
................................
4,605
4,169
Block,
Inc.
,
0
.13
%
,
3/1/25
.................................................
2,050
2,006
Euronet
Worldwide,
Inc.
,
0
.75
%
,
3/15/49
,
Callable
3/20/25
@
100
....................
6,707
6,295
JPMorgan
Chase
Financial
Co.
LLC
,
0
.50
%
,
6/15/27
.............................
800
1,043
New
Mountain
Finance
Corp.
,
7
.50
%
,
10/15/25
,
Callable
7/15/25
@
100
...............
4,790
4,899
Prospect
Capital
Corp.
,
6
.38
%
,
3/1/25
........................................
691
687
39,875
Health
Care
(3.9%):
Dexcom,
Inc.
,
0
.38
%
,
5/15/28
(b)
............................................
1,500
1,537
Envista
Holdings
Corp.
,
1
.75
%
,
8/15/28
(b)
.....................................
10,000
9,107
10,644
Industrials
(8.9%):
Parsons
Corp.
,
0
.25
%
,
8/15/25
.............................................
6,300
9,032
Southwest
Airlines
Co.
,
1
.25
%
,
5/1/25
........................................
15,255
15,450
24,482
Information
Technology
(7.8%):
Akamai
Technologies,
Inc.
,
0
.13
%
,
5/1/25
.....................................
5,399
6,867
ON
Semiconductor
Corp.
,
5/1/27
(a)
..........................................
440
720
Vishay
Intertechnology,
Inc.
,
2
.25
%
,
9/15/30
(b)
.................................
8,240
8,109
Western
Digital
Corp.
,
1
.50
%
,
2/1/24
.........................................
5,791
5,766
21,462
Materials
(0.5%):
U.S.
Steel
Corp.
,
5
.00
%
,
11/1/26
............................................
380
1,381
Real
Estate
(5.5%):
Kite
Realty
Group
LP
,
0
.75
%
,
4/1/27
(b)
.......................................
8,280
8,225
Ventas
Realty
LP
,
3
.75
%
,
6/1/26
(b)
..........................................
2,875
3,043
Welltower
OP
LLC
,
2
.75
%
,
5/15/28
(b)
........................................
3,420
3,774
15,042
Utilities
(10.2%):
Alliant
Energy
Corp.
,
3
.88
%
,
3/15/26
(b)
......................................
3,185
3,167
American
Water
Capital
Corp.
,
3
.63
%
,
6/15/26
(b)
................................
4,145
4,145
CenterPoint
Energy,
Inc.
,
4
.25
%
,
8/15/26
(b)
....................................
4,245
4,266
Victory
Portfolios
Victory
Investment
Grade
Convertible
Fund
22
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Principal
Amount
(000)
Value
(000)
CMS
Energy
Corp.
,
3
.38
%
,
5/1/28
(b)
........................................
$
2,455
$
2,433
Duke
Energy
Corp.
,
4
.13
%
,
4/15/26
(b)
.......................................
3,205
3,215
Evergy,
Inc.
,
4
.50
%
,
12/15/27
(b)
............................................
1,720
1,768
PPL
Capital
Funding,
Inc.
,
2
.88
%
,
3/15/28
(b)
...................................
4,000
3,882
The
Southern
Co.
,
3
.88
%
,
12/15/25
(b)
........................................
5,205
5,211
28,087
Total
Convertible
Corporate
Bonds
(Cost
$194,047)
a
a
a
210,404
Shares
Convertible
Preferred
Stocks
(19.7%)
Financials
(15.1%):
Apollo
Global
Management,
Inc.
,
6
.75
%
,
7/31/26
................................
132,325
7,462
Bank
of
America
Corp.
,
Series
L
,
7
.25
%
(c)
(d)
..................................
13,050
15,729
New
York
Community
Capital
Trust
V
,
6
.00
%
,
11/1/51
............................
53,619
2,225
Wells
Fargo
&
Co.
,
Series
L
,
7
.50
%
(d)
........................................
13,394
16,014
41,430
Utilities
(4.6%):
NextEra
Energy,
Inc.
,
6
.93
%
,
9/1/25
(e)
.......................................
335,280
12,781
Total
Convertible
Preferred
Stocks
(Cost
$59,763)
a
a
a
54,211
Collateral
for
Securities
Loaned
(4.7%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.25
%
(f)
........
3,257,034
3,257
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.30
%
(f)
............
3,257,034
3,257
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.28
%
(f)
................
3,257,034
3,257
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.26
%
(f)
.
3,257,034
3,257
Total
Collateral
for
Securities
Loaned
(Cost
$13,028)
a
a
a
13,028
Total
Investments
(Cost
$269,516)
—
101.9%
280,021
Liabilities
in
excess
of
other
assets
—
(1.9)%
(
5,140
)
NET
ASSETS
-
100.00%
$
274,881
At
December
31,
2023,
the
Fund's
investments
in
foreign
securities
were
5.6%
of
net
assets.
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Zero-coupon
bond.
(b)
Rule
144A
security
or
other
security
that
is
restricted
as
to
resale
to
institutional
investors.
As
of
December
31,
2023,
the
fair
value
of
these
securities
was
$61,882
(thousands)
and
amounted
to
22.5%
of
net
assets.
(c)
Non-income
producing
security.
(d)
Security
is
perpetual
and
has
no
final
maturity
date
but
may
be
subject
to
calls
at
various
dates
in
the
future.
(e)
All
or
a
portion
of
this
security
is
on
loan.
(f)
Rate
disclosed
is
the
daily
yield
on
December
31,
2023.
LLC
—
Limited
Liability
Company
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
Statements
of
Assets
and
Liabilities
December
31,
2023
23
See
notes
to
financial
statements.
Victory
Portfolios
(Amounts
in
Thousands,
Except
Per
Share
Amounts)
(Unaudited)
Victory
Diversified
Stock
Fund
Victory
Special
Value
Fund
Victory
THB
US
Small
Opportunities
Fund
Assets:
Investments,
at
value
(Cost
$199,513,
$28,711
and
$10,869)
$
282,559‌
$
40,548‌
$
16,479‌
(a)
Cash
4,473‌
820‌
172‌
Receivables:
Interest
and
dividends
162‌
22‌
3‌
Capital
shares
issued
91‌
11‌
—‌
From
Adviser
9‌
10‌
14‌
Prepaid
expenses
33‌
30‌
6‌
Total
Assets
287,327‌
41,441‌
16,674‌
Liabilities:
Payables:
Collateral
received
on
loaned
securities
—‌
—‌
169‌
Capital
shares
redeemed
73‌
47‌
—‌
Accrued
expenses
and
other
payables:
Investment
advisory
fees
156‌
26‌
16‌
Administration
fees
13‌
2‌
1‌
Custodian
fees
2‌
—‌
(b)
1‌
Transfer
agent
fees
9‌
2‌
1‌
Sub-Transfer
agent
fees
23‌
8‌
10‌
Compliance
fees
—‌
(b)
—‌
(b)
—‌
(b)
Trustees'
fees
—‌
(b)
—‌
(b)
—‌
12b-1
fees
10‌
2‌
—‌
(b)
Other
accrued
expenses
21‌
14‌
14‌
Total
Liabilities
307‌
101‌
212‌
Commitments
and
contingencies
(Note
5
)
Net
Assets:
Capital
203,166‌
29,306‌
10,993‌
Total
accumulated
earnings/(loss)
83,854‌
12,034‌
5,469‌
Net
Assets
$
287,020‌
$
41,340‌
$
16,462‌
Net
Assets
Class
A
$
219,464‌
$
23,402‌
$
1,181‌
Class
C
696‌
915‌
—‌
Class
I
24,498‌
2,827‌
15,281‌
Class
R
35,420‌
13,107‌
—‌
Class
R6
1,924‌
—‌
—‌
Class
Y
5,018‌
1,089‌
—‌
Total
$
287,020‌
$
41,340‌
$
16,462‌
Shares
(unlimited
number
of
shares
authorized
with
a
par
value
of
$0.001
per
share):
Class
A
11,529‌
845‌
83‌
Class
C
43‌
43‌
—‌
Class
I
1,287‌
100‌
993‌
Class
R
1,937‌
518‌
—‌
Class
R6
101‌
—‌
—‌
Class
Y
263‌
39‌
—‌
Total
15,160‌
1,545‌
1,076‌
Net
asset
value,
offering
and
redemption
price
per
share:(c)
Class
A
$
19
.03‌
$
27
.67‌
$
14
.20‌
Class
C(d)
16
.36‌
21
.41‌
—‌
Class
I
19
.03‌
28
.39‌
15
.39‌
Class
R
18
.29‌
25
.30‌
—‌
Class
R6
19
.07‌
—‌
—‌
Class
Y
19
.08‌
28
.14‌
—‌
Maximum
Sales
Charge
—
Class
A
5
.75‌
%
5
.75‌
%
5
.75‌
%
Maximum
offering
price
(100%/(100%-maximum
sales
charge)
of
net
asset
value
adjusted
to
the
nearest
cent)
per
share
—
Class
A
$
20
.19‌
$
29
.36‌
$
15
.07‌
(a)
Includes
$166
thousand
of
securities
on
loan.
(b)
Rounds
to
less
than
$1
thousand.
(c)
Per
share
amount
may
not
recalculate
due
to
rounding
of
net
assets
and/or
shares
outstanding.
(d)
Redemption
price
per
share
varies
by
length
of
time
shares
are
held.
Statements
of
Assets
and
Liabilities
December
31,
2023
24
See
notes
to
financial
statements.
Victory
Portfolios
(Amounts
in
Thousands,
Except
Per
Share
Amounts)
(Unaudited)
Victory
Strategic
Allocation
Fund
Victory
Fund
for
Income
Victory
Investment
Grade
Convertible
Fund
Assets:
Affiliated
investments,
at
value
(Cost
$22,440,
$—
and
$—)
$
25,767‌
$
—‌
$
—‌
Unaffiliated
investments,
at
value
(Cost
$—,
$366,732
and
$269,516)
—‌
339,571‌
280,021‌
(a)
Cash
82‌
—‌
5,566‌
Receivables:
Interest
and
dividends
—‌
(b)
1,914‌
1,003‌
Capital
shares
issued
—‌
(b)
194‌
102‌
Investments
sold
—‌
—‌
1,827‌
From
Adviser
21‌
52‌
6‌
Prepaid
expenses
23‌
44‌
24‌
Total
Assets
25,893‌
341,775‌
288,549‌
Liabilities:
Payables:
Collateral
received
on
loaned
securities
—‌
—‌
13,028‌
Capital
shares
redeemed
7‌
522‌
362‌
Accrued
expenses
and
other
payables:
Investment
advisory
fees
—‌
147‌
179‌
Administration
fees
1‌
18‌
12‌
Custodian
fees
—‌
(b)
2‌
3‌
Transfer
agent
fees
2‌
30‌
7‌
Sub-Transfer
agent
fees
4‌
48‌
50‌
Compliance
fees
—‌
(b)
—‌
(b)
—‌
(b)
Trustees'
fees
—‌
(b)
—‌
(b)
—‌
(b)
12b-1
fees
1‌
4‌
1‌
Other
accrued
expenses
15‌
43‌
26‌
Total
Liabilities
30‌
814‌
13,668‌
Commitments
and
contingencies
(Note
5
)
Net
Assets:
Capital
22,599‌
789,463‌
282,132‌
Total
accumulated
earnings/(loss)
3,264‌
(
448,502‌
)
(
7,251‌
)
Net
Assets
$
25,863‌
$
340,961‌
$
274,881‌
Net
Assets
Class
A
$
13,514‌
$
77,828‌
$
19,987‌
Class
C
3,313‌
3,519‌
—‌
Class
I
7,852‌
181,182‌
253,022‌
Class
R
1,184‌
12,897‌
—‌
Class
R6
—‌
25,346‌
—‌
Class
Y
—‌
38,898‌
—‌
Member
Class
—‌
1,291‌
1,872‌
Total
$
25,863‌
$
340,961‌
$
274,881‌
Shares
(unlimited
number
of
shares
authorized
with
a
par
value
of
$0.001
per
share):
Class
A
747‌
11,302‌
1,192‌
Class
C
187‌
517‌
—‌
Class
I
432‌
26,315‌
15,075‌
Class
R
66‌
1,870‌
—‌
Class
R6
—‌
3,688‌
—‌
Class
Y
—‌
5,651‌
—‌
Member
Class
—‌
187‌
107‌
Total
1,432‌
49,530‌
16,374‌
Net
asset
value,
offering
and
redemption
price
per
share:(c)
Class
A
$
18
.07‌
$
6
.89‌
$
16
.77‌
Class
C(d)
17
.70‌
6
.80‌
—‌
Class
I
18
.19‌
6
.89‌
16
.78‌
Class
R
18
.03‌
6
.90‌
—‌
Class
R6
—‌
6
.87‌
—‌
Class
Y
—‌
6
.88‌
—‌
Member
Class
—‌
6
.91‌
17
.49‌
Maximum
Sales
Charge
—
Class
A
2
.25‌
%
2
.25‌
%
2
.25‌
%
Maximum
offering
price
(100%/(100%-maximum
sales
charge)
of
net
asset
value
adjusted
to
the
nearest
cent)
per
share
—
Class
A
$
18
.49‌
$
7
.05‌
$
17
.16‌
(a)
Includes
$12,653
thousand
of
securities
on
loan.
(b)
Rounds
to
less
than
$1
thousand.
(c)
Per
share
amount
may
not
recalculate
due
to
rounding
of
net
assets
and/or
shares
outstanding.
(d)
Redemption
price
per
share
varies
by
length
of
time
shares
are
held.
Statements
of
Operations
For
the
Six
Months
Ended
December
31,
2023
25
See
notes
to
financial
statements.
Victory
Portfolios
(Amounts
in
Thousands)
(Unaudited)
Victory
Diversified
Stock
Fund
Victory
Special
Value
Fund
Victory
THB
US
Small
Opportunities
Fund
Investment
Income:
Dividends
$
1,499‌
$
218‌
$
86‌
Interest
63‌
9‌
8‌
Securities
lending
(net
of
fees)
1‌
—‌
(a)
2‌
Foreign
tax
withholding
—‌
—‌
—‌
(a)
Total
Income
1,563‌
227‌
96‌
Expenses:
Investment
advisory
fees
908‌
153‌
101‌
Administration
fees
77‌
11‌
5‌
Sub-Administration
fees
9‌
9‌
9‌
12b-1
fees
—
Class
A
266‌
28‌
1‌
12b-1
fees
—
Class
C
4‌
5‌
—‌
12b-1
fees
—
Class
R
88‌
33‌
—‌
Custodian
fees
6‌
1‌
2‌
Transfer
agent
fees
—
Class
A
18‌
2‌
—‌
(a)
Transfer
agent
fees
—
Class
C
—‌
(a)
—‌
(a)
—‌
Transfer
agent
fees
—
Class
I
1‌
—‌
(a)
1‌
Transfer
agent
fees
—
Class
R
4‌
1‌
—‌
Transfer
agent
fees
—
Class
R6
—‌
(a)
—‌
—‌
Transfer
agent
fees
—
Class
Y
—‌
(a)
—‌
(a)
—‌
Sub-Transfer
agent
fees
—
Class
A
49‌
10‌
1‌
Sub-Transfer
agent
fees
—
Class
C
1‌
—‌
(a)
—‌
Sub-Transfer
agent
fees
—
Class
I
5‌
1‌
10‌
Sub-Transfer
agent
fees
—
Class
R
9‌
7‌
—‌
Sub-Transfer
agent
fees
—
Class
Y
2‌
1‌
—‌
Trustees'
fees
10‌
2‌
2‌
Compliance
fees
1‌
—‌
(a)
—‌
(a)
Printing
fees
15‌
9‌
9‌
Legal
and
audit
fees
10‌
5‌
4‌
State
registration
and
filing
fees
51‌
42‌
19‌
Other
expenses
5‌
2‌
2‌
Total
Expenses
1,539‌
322‌
166‌
Expenses
waived/reimbursed
by
Adviser
(
26‌
)
(
40‌
)
(
54‌
)
Net
Expenses
1,513‌
282‌
112‌
Net
Investment
Income
(Loss)
50‌
(
55‌
)
(
16‌
)
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
investment
securities
13,785‌
2,147‌
625‌
Net
change
in
unrealized
appreciation/depreciation
on
investment
securities
2,835‌
271‌
(
155‌
)
Net
realized/unrealized
gains
(losses)
on
investments
16,620‌
2,418‌
470‌
Change
in
net
assets
resulting
from
operations
$
16,670‌
$
2,363‌
$
454‌
(a)
Rounds
to
less
than
$1
thousand.
Statements
of
Operations
For
the
Six
Months
Ended
December
31,
2023
26
See
notes
to
financial
statements.
Victory
Portfolios
(Amounts
in
Thousands)
(Unaudited)
Victory
Strategic
Allocation
Fund
Victory
Fund
for
Income
Victory
Investment
Grade
Convertible
Fund
Investment
Income:
Dividends
from
affiliated
investments
$
415‌
$
—‌
$
—‌
Dividends
from
unaffiliated
investments
—‌
4‌
2,094‌
Interest
from
unaffiliated
investments
2‌
4,307‌
1,677‌
Securities
lending
(net
of
fees)
—‌
—‌
34‌
Total
Income
417‌
4,311‌
3,805‌
Expenses:
Investment
advisory
fees
13‌
917‌
1,119‌
Administration
fees
7‌
102‌
83‌
Sub-Administration
fees
6‌
9‌
8‌
12b-1
fees
—
Class
A
16‌
102‌
24‌
12b-1
fees
—
Class
C
15‌
19‌
—‌
12b-1
fees
—
Class
R
3‌
17‌
—‌
Custodian
fees
1‌
9‌
7‌
Transfer
agent
fees
—
Class
A
4‌
11‌
1‌
Transfer
agent
fees
—
Class
C
—‌
(a)
—‌
(a)
—‌
Transfer
agent
fees
—
Class
I
1‌
27‌
11‌
Transfer
agent
fees
—
Class
R
—‌
(a)
2‌
—‌
Transfer
agent
fees
—
Class
R6
—‌
1‌
—‌
Transfer
agent
fees
—
Member
Class
—‌
1‌
2‌
Sub-Transfer
agent
fees
—
Class
A
4‌
32‌
4‌
Sub-Transfer
agent
fees
—
Class
C
2‌
2‌
—‌
Sub-Transfer
agent
fees
—
Class
I
3‌
79‌
102‌
Sub-Transfer
agent
fees
—
Class
R
—‌
(a)
3‌
—‌
Sub-Transfer
agent
fees
—
Class
Y
—‌
17‌
—‌
Trustees'
fees
2‌
13‌
11‌
Compliance
fees
—‌
(a)
2‌
1‌
Printing
fees
8‌
17‌
17‌
Legal
and
audit
fees
4‌
12‌
11‌
State
registration
and
filing
fees
34‌
66‌
40‌
Line
of
credit
fees
—‌
—‌
(a)
—‌
Other
expenses
3‌
36‌
9‌
Total
Expenses
126‌
1,496‌
1,450‌
Expenses
waived/reimbursed
by
Adviser
(
73‌
)
(
164‌
)
(
9‌
)
Net
Expenses
53‌
1,332‌
1,441‌
Net
Investment
Income
(Loss)
364‌
2,979‌
2,364‌
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
affiliated
investment
securities
185‌
—‌
—‌
Net
realized
gains
(losses)
from
unaffiliated
investment
securities
—‌
57‌
3,329‌
Capital
gain
distributions
received
from
affiliated
funds
30‌
—‌
—‌
Net
change
in
unrealized
appreciation/depreciation
on
affiliated
investment
securities
510‌
—‌
—‌
Net
change
in
unrealized
appreciation/depreciation
on
unaffiliated
investment
securities
—‌
6,897‌
5,791‌
Net
realized/unrealized
gains
(losses)
on
investments
725‌
6,954‌
9,120‌
Change
in
net
assets
resulting
from
operations
$
1,089‌
$
9,933‌
$
11,484‌
(a)
Rounds
to
less
than
$1
thousand.
27
(Amounts
in
Thousands)
Victory
Portfolios
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
Victory
Diversified
Stock
Fund
Victory
Special
Value
Fund
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
From
Investment
Activities:
Operations:
Net
Investment
Income
(Loss)
$
50‌
$
529‌
$
(
55‌
)
$
(
32‌
)
Net
realized
gains
(losses)
13,785‌
16,285‌
2,147‌
2,213‌
Net
change
in
unrealized
appreciation/depreciation
2,835‌
35,812‌
271‌
5,517‌
Change
in
net
assets
resulting
from
operations
16,670‌
52,626‌
2,363‌
7,698‌
Distributions
to
Shareholders:
Class
A
(
20,806‌
)
(
17,813‌
)
(
2,052‌
)
(
2,183‌
)
Class
C
(
77‌
)
(
133‌
)
(
104‌
)
(
101‌
)
Class
I
(
2,365‌
)
(
2,131‌
)
(
248‌
)
(
284‌
)
Class
R
(
3,496‌
)
(
3,298‌
)
(
1,251‌
)
(
1,291‌
)
Class
R6
(
183‌
)
(
155‌
)
—‌
—‌
Class
Y
(
479‌
)
(
394‌
)
(
94‌
)
(
100‌
)
Change
in
net
assets
resulting
from
distributions
to
shareholders
(
27,406‌
)
(
23,924‌
)
(
3,749‌
)
(
3,959‌
)
Change
in
net
assets
resulting
from
capital
transactions
19,811‌
(
6,952‌
)
1,380‌
(
1,221‌
)
Change
in
net
assets
9,075‌
21,750‌
(
6‌
)
2,518‌
Net
Assets:
Beginning
of
period
277,945‌
256,195‌
41,346‌
38,828‌
End
of
period
$
287,020‌
$
277,945‌
$
41,340‌
$
41,346‌
28
(Amounts
in
Thousands)
Victory
Portfolios
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
Victory
Diversified
Stock
Fund
Victory
Special
Value
Fund
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Capital
Transactions:
Class
A
Proceeds
from
shares
issued
$
7,681‌
$
5,789‌
$
1,147‌
$
958‌
Distributions
reinvested
19,618‌
16,626‌
1,873‌
1,995‌
Cost
of
shares
redeemed
(
10,556‌
)
(
24,880‌
)
(
1,685‌
)
(
4,522‌
)
Total
Class
A
$
16,743‌
$
(
2,465‌
)
$
1,335‌
$
(
1,569‌
)
Class
C
Proceeds
from
shares
issued
$
38‌
$
32‌
$
—‌
(a)
$
29‌
Distributions
reinvested
77‌
133‌
104‌
101‌
Cost
of
shares
redeemed
(
298‌
)
(
896‌
)
(
48‌
)
(
75‌
)
Total
Class
C
$
(
183‌
)
$
(
731‌
)
$
56‌
$
55‌
Class
I
Proceeds
from
shares
issued
$
1,274‌
$
3,550‌
$
12‌
$
182‌
Distributions
reinvested
2,172‌
2,049‌
220‌
255‌
Cost
of
shares
redeemed
(
2,017‌
)
(
5,941‌
)
(
250‌
)
(
557‌
)
Total
Class
I
$
1,429‌
$
(
342‌
)
$
(
18‌
)
$
(
120‌
)
Class
R
Proceeds
from
shares
issued
$
393‌
$
737‌
$
591‌
$
1,574‌
Distributions
reinvested
3,407‌
3,224‌
1,251‌
1,291‌
Cost
of
shares
redeemed
(
2,741‌
)
(
8,211‌
)
(
1,962‌
)
(
2,713‌
)
Total
Class
R
$
1,059‌
$
(
4,250‌
)
$
(
120‌
)
$
152‌
Class
R6
Proceeds
from
shares
issued
$
24‌
$
1,176‌
$
—‌
$
—‌
Distributions
reinvested
183‌
155‌
—‌
—‌
Cost
of
shares
redeemed
(
143‌
)
(
436‌
)
—‌
—‌
Total
Class
R6
$
64‌
$
895‌
$
—‌
$
—‌
Class
Y
Proceeds
from
shares
issued
$
587‌
$
265‌
$
44‌
$
379‌
Distributions
reinvested
420‌
341‌
84‌
87‌
Cost
of
shares
redeemed
(
308‌
)
(
665‌
)
(
1‌
)
(
205‌
)
Total
Class
Y
$
699‌
$
(
59‌
)
$
127‌
$
261‌
Change
in
net
assets
resulting
from
capital
transactions
$
19,811‌
$
(
6,952‌
)
$
1,380‌
$
(
1,221‌
)
29
(Amounts
in
Thousands)
Victory
Portfolios
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
Victory
Diversified
Stock
Fund
Victory
Special
Value
Fund
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Share
Transactions:
Class
A
Issued
387‌
320‌
41‌
36‌
Reinvested
1,046‌
952‌
69‌
79‌
Redeemed
(
536‌
)
(
1,357‌
)
(
61‌
)
(
171‌
)
Total
Class
A
897‌
(
85‌
)
49‌
(
56‌
)
Class
C
Issued
2‌
2‌
—‌
(b)
2‌
Reinvested
5‌
9‌
5‌
5‌
Redeemed
(
17‌
)
(
55‌
)
(
2‌
)
(
4‌
)
Total
Class
C
(
10‌
)
(
44‌
)
3‌
3‌
Class
I
Issued
63‌
189‌
—‌
(b)
7‌
Reinvested
116‌
117‌
8‌
10‌
Redeemed
(
103‌
)
(
324‌
)
(
8‌
)
(
21‌
)
Total
Class
I
76‌
(
18‌
)
—‌
(b)
(
4‌
)
Class
R
Issued
21‌
41‌
23‌
64‌
Reinvested
189‌
191‌
50‌
55‌
Redeemed
(
145‌
)
(
459‌
)
(
74‌
)
(
110‌
)
Total
Class
R
65‌
(
227‌
)
(
1‌
)
9‌
Class
R6
Issued
1‌
64‌
—‌
—‌
Reinvested
10‌
9‌
—‌
—‌
Redeemed
(
7‌
)
(
24‌
)
—‌
—‌
Total
Class
R6
4‌
49‌
—‌
—‌
Class
Y
Issued
30‌
15‌
2‌
14‌
Reinvested
22‌
19‌
3‌
3‌
Redeemed
(
16‌
)
(
36‌
)
—‌
(b)
(
8‌
)
Total
Class
Y
36‌
(
2‌
)
5‌
9‌
Change
in
Shares
1,068‌
(
327‌
)
56‌
(
39‌
)
(a)
Rounds
to
less
than
$1
thousand.
(b)
Rounds
to
less
than
1
thousand
shares.
30
(Amounts
in
Thousands)
Victory
Portfolios
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
Victory
THB
US
Small
Opportunities
Fund
Victory
Strategic
Allocation
Fund
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
From
Investment
Activities:
Operations:
Net
Investment
Income
(Loss)
$
(
16‌
)
$
(
80‌
)
$
364‌
$
457‌
Net
realized
gains
(losses)
625‌
8,864‌
215‌
63‌
Net
change
in
unrealized
appreciation/depreciation
(
155‌
)
289‌
510‌
1,629‌
Change
in
net
assets
resulting
from
operations
454‌
9,073‌
1,089‌
2,149‌
Distributions
to
Shareholders:
Class
A
(
238‌
)
(
80‌
)
(
325‌
)
(
607‌
)
Class
C
—‌
—‌
(
69‌
)
(
92‌
)
Class
I
(
3,174‌
)
(
3,220‌
)
(
199‌
)
(
370‌
)
Class
R
—‌
—‌
(
27‌
)
(
46‌
)
Change
in
net
assets
resulting
from
distributions
to
shareholders
(
3,412‌
)
(
3,300‌
)
(
620‌
)
(
1,115‌
)
Change
in
net
assets
resulting
from
capital
transactions
634‌
(
58,263‌
)
20‌
(
294‌
)
Change
in
net
assets
(
2,324‌
)
(
52,490‌
)
489‌
740‌
Net
Assets:
Beginning
of
period
18,786‌
71,276‌
25,374‌
24,634‌
End
of
period
$
16,462‌
$
18,786‌
$
25,863‌
$
25,374‌
31
(Amounts
in
Thousands)
Victory
Portfolios
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
Victory
THB
US
Small
Opportunities
Fund
Victory
Strategic
Allocation
Fund
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Capital
Transactions:
Class
A
Proceeds
from
shares
issued
$
5‌
$
58‌
$
660‌
$
1,647‌
Distributions
reinvested
237‌
80‌
319‌
588‌
Cost
of
shares
redeemed
(
133‌
)
(
129‌
)
(
1,044‌
)
(
3,037‌
)
Total
Class
A
$
109‌
$
9‌
$
(
65‌
)
$
(
802‌
)
Class
C
Proceeds
from
shares
issued
$
—‌
$
—‌
$
667‌
$
1,176‌
Distributions
reinvested
—‌
—‌
69‌
92‌
Cost
of
shares
redeemed
—‌
—‌
(
311‌
)
(
524‌
)
Total
Class
C
$
—‌
$
—‌
$
425‌
$
744‌
Class
I
Proceeds
from
shares
issued
$
191‌
$
9,233‌
$
287‌
$
1,170‌
Distributions
reinvested
1,680‌
2,711‌
196‌
366‌
Cost
of
shares
redeemed
(
1,346‌
)
(
70,216‌
)
(
839‌
)
(
1,812‌
)
Total
Class
I
$
525‌
$
(
58,272‌
)
$
(
356‌
)
$
(
276‌
)
Class
R
Proceeds
from
shares
issued
$
—‌
$
—‌
$
11‌
$
80‌
Distributions
reinvested
—‌
—‌
27‌
42‌
Cost
of
shares
redeemed
—‌
—‌
(
22‌
)
(
82‌
)
Total
Class
R
$
—‌
$
—‌
$
16‌
$
40‌
Change
in
net
assets
resulting
from
capital
transactions
$
634‌
$
(
58,263‌
)
$
20‌
$
(
294‌
)
Share
Transactions:
Class
A
Issued
—‌
(a)
3‌
37‌
97‌
Reinvested
18‌
5‌
18‌
35‌
Redeemed
(
8‌
)
(
7‌
)
(
60‌
)
(
176‌
)
Total
Class
A
10‌
1‌
(
5‌
)
(
44‌
)
Class
C
Issued
—‌
—‌
39‌
69‌
Reinvested
—‌
—‌
4‌
6‌
Redeemed
—‌
—‌
(
18‌
)
(
31‌
)
Total
Class
C
—‌
—‌
25‌
44‌
Class
I
Issued
11‌
515‌
16‌
67‌
Reinvested
115‌
147‌
11‌
22‌
Redeemed
(
78‌
)
(
3,778‌
)
(
47‌
)
(
105‌
)
Total
Class
I
48‌
(
3,116‌
)
(
20‌
)
(
16‌
)
Class
R
Issued
—‌
—‌
—‌
(a)
5‌
Reinvested
—‌
—‌
2‌
3‌
Redeemed
—‌
—‌
(
1‌
)
(
5‌
)
Total
Class
R
—‌
—‌
1‌
3‌
Change
in
Shares
58‌
(
3,115‌
)
1‌
(
13‌
)
(a)
Rounds
to
less
than
1
thousand
shares.
32
(Amounts
in
Thousands)
Victory
Portfolios
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
Victory
Fund
for
Income
Victory
Investment
Grade
Convertible
Fund
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
From
Investment
Activities:
Operations:
Net
Investment
Income
(Loss)
$
2,979‌
$
6,528‌
$
2,364‌
$
8,103‌
Net
realized
gains
(losses)
57‌
(
1,657‌
)
3,329‌
(
16,236‌
)
Net
change
in
unrealized
appreciation/depreciation
6,897‌
(
7,480‌
)
5,791‌
20,280‌
Change
in
net
assets
resulting
from
operations
9,933‌
(
2,609‌
)
11,484‌
12,147‌
Distributions
to
Shareholders:
Class
A
(
2,401‌
)
(
4,914‌
)
(
263‌
)
(
591‌
)
Class
C
(
98‌
)
(
261‌
)
—‌
—‌
Class
I
(
6,123‌
)
(
14,009‌
)
(
3,964‌
)
(
12,243‌
)
Class
R
(
397‌
)
(
854‌
)
—‌
—‌
Class
R6
(
770‌
)
(
1,376‌
)
—‌
—‌
Class
Y
(
1,337‌
)
(
2,988‌
)
—‌
—‌
Member
Class
(
38‌
)
(
73‌
)
(
24‌
)
(
48‌
)
Change
in
net
assets
resulting
from
distributions
to
shareholders
(
11,164‌
)
(
24,475‌
)
(
4,251‌
)
(
12,882‌
)
Change
in
net
assets
resulting
from
capital
transactions
(
36,450‌
)
(
113,388‌
)
(
47,884‌
)
(
129,726‌
)
Change
in
net
assets
(
37,681‌
)
(
140,472‌
)
(
40,651‌
)
(
130,461‌
)
Net
Assets:
Beginning
of
period
378,642‌
519,114‌
315,532‌
445,993‌
End
of
period
$
340,961‌
$
378,642‌
$
274,881‌
$
315,532‌
33
(Amounts
in
Thousands)
Victory
Portfolios
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
Victory
Fund
for
Income
Victory
Investment
Grade
Convertible
Fund
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Capital
Transactions:
Class
A
Proceeds
from
shares
issued
$
3,141‌
$
15,636‌
$
3,911‌
$
5,896‌
Distributions
reinvested
2,131‌
4,404‌
228‌
502‌
Cost
of
shares
redeemed
(
12,620‌
)
(
28,578‌
)
(
2,446‌
)
(
7,506‌
)
Total
Class
A
$
(
7,348‌
)
$
(
8,538‌
)
$
1,693‌
$
(
1,108‌
)
Class
C
Proceeds
from
shares
issued
$
17‌
$
387‌
$
—‌
$
—‌
Distributions
reinvested
96‌
245‌
—‌
—‌
Cost
of
shares
redeemed
(
546‌
)
(
3,300‌
)
—‌
—‌
Total
Class
C
$
(
433‌
)
$
(
2,668‌
)
$
—‌
$
—‌
Class
I
Proceeds
from
shares
issued
$
27,994‌
$
76,658‌
$
30,392‌
$
130,384‌
Distributions
reinvested
5,075‌
11,753‌
3,759‌
11,635‌
Cost
of
shares
redeemed
(
56,357‌
)
(
152,196‌
)
(
83,830‌
)
(
271,294‌
)
Total
Class
I
$
(
23,288‌
)
$
(
63,785‌
)
$
(
49,679‌
)
$
(
129,275‌
)
Class
R
Proceeds
from
shares
issued
$
782‌
$
990‌
$
—‌
$
—‌
Distributions
reinvested
393‌
832‌
—‌
—‌
Cost
of
shares
redeemed
(
2,017‌
)
(
5,056‌
)
—‌
—‌
Total
Class
R
$
(
842‌
)
$
(
3,234‌
)
$
—‌
$
—‌
Class
R6
Proceeds
from
shares
issued
$
4,911‌
$
6,353‌
$
—‌
$
—‌
Distributions
reinvested
763‌
1,362‌
—‌
—‌
Cost
of
shares
redeemed
(
4,125‌
)
(
9,574‌
)
—‌
—‌
Total
Class
R6
$
1,549‌
$
(
1,859‌
)
$
—‌
$
—‌
Class
Y
Proceeds
from
shares
issued
$
6,699‌
$
15,908‌
$
—‌
$
—‌
Distributions
reinvested
1,335‌
2,982‌
—‌
—‌
Cost
of
shares
redeemed
(
14,048‌
)
(
52,401‌
)
—‌
—‌
Total
Class
Y
$
(
6,014‌
)
$
(
33,511‌
)
$
—‌
$
—‌
Member
Class
Proceeds
from
shares
issued
$
359‌
$
616‌
$
224‌
$
883‌
Distributions
reinvested
38‌
73‌
24‌
48‌
Cost
of
shares
redeemed
(
471‌
)
(
482‌
)
(
146‌
)
(
274‌
)
Total
Member
Class
$
(
74‌
)
$
207‌
$
102‌
$
657‌
Change
in
net
assets
resulting
from
capital
transactions
$
(
36,450‌
)
$
(
113,388‌
)
$
(
47,884‌
)
$
(
129,726‌
)
34
(Amounts
in
Thousands)
Victory
Portfolios
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
Victory
Fund
for
Income
Victory
Investment
Grade
Convertible
Fund
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Share
Transactions:
Class
A
Issued
458‌
2,216‌
237‌
360‌
Reinvested
312‌
626‌
14‌
31‌
Redeemed
(
1,840‌
)
(
4,050‌
)
(
150‌
)
(
465‌
)
Total
Class
A
(
1,070‌
)
(
1,208‌
)
101‌
(
74‌
)
Class
C
Issued
2‌
55‌
—‌
—‌
Reinvested
14‌
35‌
—‌
—‌
Redeemed
(
80‌
)
(
474‌
)
—‌
—‌
Total
Class
C
(
64‌
)
(
384‌
)
—‌
—‌
Class
I
Issued
4,089‌
10,800‌
1,867‌
7,935‌
Reinvested
743‌
1,669‌
231‌
723‌
Redeemed
(
8,222‌
)
(
21,621‌
)
(
5,121‌
)
(
16,708‌
)
Total
Class
I
(
3,390‌
)
(
9,152‌
)
(
3,023‌
)
(
8,050‌
)
Class
R
Issued
114‌
139‌
—‌
—‌
Reinvested
57‌
118‌
—‌
—‌
Redeemed
(
294‌
)
(
718‌
)
—‌
—‌
Total
Class
R
(
123‌
)
(
461‌
)
—‌
—‌
Class
R6
Issued
717‌
902‌
—‌
—‌
Reinvested
112‌
194‌
—‌
—‌
Redeemed
(
602‌
)
(
1,356‌
)
—‌
—‌
Total
Class
R6
227‌
(
260‌
)
—‌
—‌
Class
Y
Issued
976‌
2,253‌
—‌
—‌
Reinvested
195‌
423‌
—‌
—‌
Redeemed
(
2,050‌
)
(
7,383‌
)
—‌
—‌
Total
Class
Y
(
879‌
)
(
4,707‌
)
—‌
—‌
Member
Class
Issued
52‌
86‌
14‌
52‌
Reinvested
6‌
10‌
1‌
3‌
Redeemed
(
68‌
)
(
68‌
)
(
9‌
)
(
16‌
)
Total
Member
Class
(
10‌
)
28‌
6‌
39‌
Change
in
Shares
(
5,309‌
)
(
16,144‌
)
(
2,916‌
)
(
8,085‌
)
Victory
Portfolios
Financial
Highlights
For
a
Share
Outstanding
Throughout
Each
Period
35
See
notes
to
financial
statements.
Victory
Diversified
Stock
Fund
Class
A
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$19.82
$17.86
$24.89
$17.41
$17.65
$17.90
Investment
Activities:
Net
investment
income
(loss)(b)
—(c)
0.04
0.05
—(c)
0.05
0.09
Net
realized
and
unrealized
gains
(losses)
1.18
3.65
(3.68)
7.95
0.90
1.65
Total
from
Investment
Activities
1.18
3.69
(3.63)
7.95
0.95
1.74
Distributions
to
Shareholders
from:
Net
investment
income
—(c)
(0.04)
(0.04)
(0.01)
(0.04)
(0.08)
Net
realized
gains
(1.97)
(1.69)
(3.36)
(0.46)
(1.15)
(1.91)
Total
Distributions
(1.97)
(1.73)
(3.40)
(0.47)
(1.19)
(1.99)
Net
Asset
Value,
End
of
Period
$19.03
$19.82
$17.86
$24.89
$17.41
$17.65
Total
Return
(excludes
sales
charge)(d)(e)
6.20%
21.98%
(17.22)%
46.50%
5.47%
12.27%
Ratios
to
Average
Net
Assets:
Net
Expenses(f)(g)
1.07%
1.07%
1.08%
1.07%
1.09%
1.08%
Net
Investment
Income
(Loss)(f)
0.05%
0.22%
0.33%
0.00%(h)
0.29%
0.55%
Gross
Expenses(f)(g)
1.07%
1.07%
1.08%
1.07%
1.09%
1.08%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$219,464
$210,774
$191,392
$246,063
$184,217
$204,945
Portfolio
Turnover(d)(i)
43%
88%
49%
61%
95%
132%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Amount
is
less
than
$0.005
per
share.
(d)
Not
annualized
for
periods
less
than
one
year.
(e)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(f)
Annualized
for
periods
less
than
one
year.
(g)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(h)
Amount
is
less
than
0.005%.
(i)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
36
See
notes
to
financial
statements.
Victory
Diversified
Stock
Fund
Class
C
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$17.39
$15.97
$22.70
$16.05
$16.46
$16.90
Investment
Activities:
Net
investment
income
(loss)(b)
(0.08)
(0.12)
(0.08)
(0.18)
(0.10)
(0.05)
Net
realized
and
unrealized
gains
(losses)
1.02
3.23
(3.29)
7.29
0.84
1.52
Total
from
Investment
Activities
0.94
3.11
(3.37)
7.11
0.74
1.47
Distributions
to
Shareholders
from:
Net
investment
income
—
—(c)
—
—
—
—
Net
realized
gains
(1.97)
(1.69)
(3.36)
(0.46)
(1.15)
(1.91)
Total
Distributions
(1.97)
(1.69)
(3.36)
(0.46)
(1.15)
(1.91)
Net
Asset
Value,
End
of
Period
$16.36
$17.39
$15.97
$22.70
$16.05
$16.46
Total
Return
(excludes
contingent
deferred
sales
charge)(d)(e)
5.67%
20.86%
(17.72)%
45.01%
4.53%
11.19%
Ratios
to
Average
Net
Assets:
Net
Expenses(f)(g)
2.02%
2.02%
2.02%
2.02%
2.05%
2.02%
Net
Investment
Income
(Loss)(f)
(0.92)%
(0.73)%
(0.62)%
(0.93)%
(0.64)%
(0.35)%
Gross
Expenses(f)(g)
3.74%
2.85%
2.46%
2.32%
2.14%
2.02%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$696
$919
$1,545
$2,371
$3,046
$5,909
Portfolio
Turnover(d)(h)
43%
88%
49%
61%
95%
132%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Amount
is
less
than
$0.005
per
share.
(d)
Not
annualized
for
periods
less
than
one
year.
(e)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(f)
Annualized
for
periods
less
than
one
year.
(g)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(h)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
37
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Diversified
Stock
Fund
Class
I
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$19.81
$17.85
$24.88
$17.37
$17.61
$17.87
Investment
Activities:
Net
investment
income
(loss)(b)
0.03
0.09
0.08
0.05
0.09
0.13
Net
realized
and
unrealized
gains
(losses)
1.17
3.64
(3.67)
7.94
0.90
1.65
Total
from
Investment
Activities
1.20
3.73
(3.59)
7.99
0.99
1.78
Distributions
to
Shareholders
from:
Net
investment
income
(0.01)
(0.08)
(0.08)
(0.02)
(0.08)
(0.13)
Net
realized
gains
(1.97)
(1.69)
(3.36)
(0.46)
(1.15)
(1.91)
Total
Distributions
(1.98)
(1.77)
(3.44)
(0.48)
(1.23)
(2.04)
Net
Asset
Value,
End
of
Period
$19.03
$19.81
$17.85
$24.88
$17.37
$17.61
Total
Return(c)(d)
6.32%
22.29%
(17.09)%
46.79%
5.81%
12.52%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.83%
0.83%
0.83%
0.83%
0.84%
0.84%
Net
Investment
Income
(Loss)(e)
0.29%
0.47%
0.57%
0.24%
0.56%
0.81%
Gross
Expenses(e)(f)
0.87%
0.86%
0.85%
0.85%
0.86%
0.84%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$24,498
$23,984
$21,933
$27,856
$21,071
$31,619
Portfolio
Turnover(c)(g)
43%
88%
49%
61%
95%
132%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
38
See
notes
to
financial
statements.
Victory
Diversified
Stock
Fund
Class
R
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$19.15
$17.32
$24.25
$17.01
$17.29
$17.58
Investment
Activities:
Net
investment
income
(loss)(b)
(0.02)
(0.01)
0.01
(0.06)
—(c)
0.04
Net
realized
and
unrealized
gains
(losses)
1.13
3.53
(3.57)
7.76
0.88
1.62
Total
from
Investment
Activities
1.11
3.52
(3.56)
7.70
0.88
1.66
Distributions
to
Shareholders
from:
Net
investment
income
—
—(c)
(0.01)
—
(0.01)
(0.04)
Net
realized
gains
(1.97)
(1.69)
(3.36)
(0.46)
(1.15)
(1.91)
Total
Distributions
(1.97)
(1.69)
(3.37)
(0.46)
(1.16)
(1.95)
Net
Asset
Value,
End
of
Period
$18.29
$19.15
$17.32
$24.25
$17.01
$17.29
Total
Return(d)(e)
5.98%
21.67%
(17.38)%
46.02%
5.25%
11.90%
Ratios
to
Average
Net
Assets:
Net
Expenses(f)(g)
1.37%
1.36%
1.36%
1.35%
1.37%
1.37%
Net
Investment
Income
(Loss)(f)
(0.25)%
(0.07)%
0.05%
(0.28)%
0.01%
0.26%
Gross
Expenses(f)(g)
1.37%
1.36%
1.36%
1.35%
1.37%
1.37%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$35,420
$35,836
$36,360
$48,980
$39,432
$47,981
Portfolio
Turnover(d)(h)
43%
88%
49%
61%
95%
132%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Amount
is
less
than
$0.005
per
share.
(d)
Not
annualized
for
periods
less
than
one
year.
(e)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(f)
Annualized
for
periods
less
than
one
year.
(g)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(h)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
39
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Diversified
Stock
Fund
Class
R6
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$19.84
$17.87
$24.91
$17.38
$17.62
$17.88
Investment
Activities:
Net
investment
income
(loss)(b)
0.03
0.09
0.09
0.06
0.08
0.14
Net
realized
and
unrealized
gains
(losses)
1.19
3.66
(3.69)
7.95
0.92
1.64
Total
from
Investment
Activities
1.22
3.75
(3.60)
8.01
1.00
1.78
Distributions
to
Shareholders
from:
Net
investment
income
(0.02)
(0.09)
(0.08)
(0.02)
(0.09)
(0.13)
Net
realized
gains
(1.97)
(1.69)
(3.36)
(0.46)
(1.15)
(1.91)
Total
Distributions
(1.99)
(1.78)
(3.44)
(0.48)
(1.24)
(2.04)
Net
Asset
Value,
End
of
Period
$19.07
$19.84
$17.87
$24.91
$17.38
$17.62
Total
Return(c)(d)
6.31%
22.38%
(17.08)%
46.89%
5.86%
12.58%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.78%
0.78%
0.78%
0.78%
0.78%
0.78%
Net
Investment
Income
(Loss)(e)
0.34%
0.50%
0.63%
0.29%
0.49%
0.83%
Gross
Expenses(e)(f)
1.48%
1.55%
1.36%
1.10%
1.34%
1.24%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$1,924
$1,927
$863
$4,040
$3,103
$2,313
Portfolio
Turnover(c)(g)
43%
88%
49%
61%
95%
132%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
40
See
notes
to
financial
statements.
Victory
Diversified
Stock
Fund
Class
Y
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$19.86
$17.89
$24.93
$17.41
$17.65
$17.90
Investment
Activities:
Net
investment
income
(loss)(b)
0.03
0.08
0.08
0.05
0.09
0.12
Net
realized
and
unrealized
gains
(losses)
1.17
3.66
(3.69)
7.95
0.90
1.66
Total
from
Investment
Activities
1.20
3.74
(3.61)
8.00
0.99
1.78
Distributions
to
Shareholders
from:
Net
investment
income
(0.01)
(0.08)
(0.07)
(0.02)
(0.08)
(0.12)
Net
realized
gains
(1.97)
(1.69)
(3.36)
(0.46)
(1.15)
(1.91)
Total
Distributions
(1.98)
(1.77)
(3.43)
(0.48)
(1.23)
(2.03)
Net
Asset
Value,
End
of
Period
$19.08
$19.86
$17.89
$24.93
$17.41
$17.65
Total
Return(c)(d)
6.24%
22.26%
(17.07)%
46.75%
5.72%
12.53%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.86%
0.86%
0.86%
0.86%
0.86%
0.86%
Net
Investment
Income
(Loss)(e)
0.27%
0.43%
0.55%
0.21%
0.52%
0.76%
Gross
Expenses(e)(f)
1.15%
1.09%
0.96%
0.96%
1.31%
1.33%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$5,018
$4,505
$4,102
$5,029
$3,737
$4,249
Portfolio
Turnover(c)(g)
43%
88%
49%
61%
95%
132%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
41
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Special
Value
Fund
Class
A
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$28.63
$26.07
$37.00
$26.23
$25.78
$26.10
Investment
Activities:
Net
investment
income
(loss)(b)
(0.03)
—(c)
0.03
(0.05)
0.04
0.10
Net
realized
and
unrealized
gains
(losses)
1.72
5.26
(5.24)
11.82
1.29
2.26
Total
from
Investment
Activities
1.69
5.26
(5.21)
11.77
1.33
2.36
Distributions
to
Shareholders
from:
Net
investment
income
—
—
—
—(c)
(0.09)
(0.03)
Net
realized
gains
(2.65)
(2.70)
(5.72)
(1.00)
(0.79)
(2.65)
Total
Distributions
(2.65)
(2.70)
(5.72)
(1.00)
(0.88)
(2.68)
Net
Asset
Value,
End
of
Period
$27.67
$28.63
$26.07
$37.00
$26.23
$25.78
Total
Return
(excludes
sales
charge)(d)(e)
6.04%
21.57%
(17.03)%
46.06%
5.15%
11.32%
Ratios
to
Average
Net
Assets:
Net
Expenses(f)(g)
1.30%(h)
1.28%(h)
1.27%(h)
1.23%(h)
1.23%(h)
1.21%
Net
Investment
Income
(Loss)(f)
(0.18)%
0.02%
0.13%
(0.16)%
0.14%
0.41%
Gross
Expenses(f)(g)
1.40%
1.38%
1.37%
1.33%
1.33%
1.31%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$23,402
$22,780
$22,188
$28,945
$24,302
$27,818
Portfolio
Turnover(d)(i)
41%
90%
53%
70%
102%
126%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Amount
is
less
than
$0.005
per
share.
(d)
Not
annualized
for
periods
less
than
one
year.
(e)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(f)
Annualized
for
periods
less
than
one
year.
(g)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(h)
During
the
year,
additional
fees
were
voluntarily
waived
or
reimbursed.
Had
these
fees
not
been
waived
or
reimbursed,
the
net
expense
ratio
for
each
class
would
have
been
0.10%
higher.
(i)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
42
See
notes
to
financial
statements.
Victory
Special
Value
Fund
Class
C
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$22.82
$21.46
$31.59
$22.72
$22.54
$23.34
Investment
Activities:
Net
investment
income
(loss)(b)
(0.11)
(0.17)
(0.12)
(0.28)
(0.16)
(0.09)
Net
realized
and
unrealized
gains
(losses)
1.35
4.23
(4.29)
10.15
1.13
1.94
Total
from
Investment
Activities
1.24
4.06
(4.41)
9.87
0.97
1.85
Distributions
to
Shareholders
from:
Net
realized
gains
(2.65)
(2.70)
(5.72)
(1.00)
(0.79)
(2.65)
Total
Distributions
(2.65)
(2.70)
(5.72)
(1.00)
(0.79)
(2.65)
Net
Asset
Value,
End
of
Period
$21.41
$22.82
$21.46
$31.59
$22.72
$22.54
Total
Return
(excludes
contingent
deferred
sales
charge)(c)(d)
5.61%
20.55%
(17.50)%
44.81%
4.26%
10.34%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
2.10%(g)
2.10%(g)
2.10%(g)
2.10%(g)
2.10%(g)
2.10%
Net
Investment
Income
(Loss)(e)
(0.98)%
(0.80)%
(0.70)%
(1.02)%
(0.72)%
(0.44)%
Gross
Expenses(e)(f)
3.54%
3.44%
3.23%
3.53%
2.99%
2.79%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$915
$913
$802
$978
$863
$1,241
Portfolio
Turnover(c)(h)
41%
90%
53%
70%
102%
126%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
During
the
year,
additional
fees
were
voluntarily
waived
or
reimbursed.
Had
these
fees
not
been
waived
or
reimbursed,
the
net
expense
ratio
for
each
class
would
have
been
0.10%
higher.
(h)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
43
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Special
Value
Fund
Class
I
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$29.27
$26.55
$37.54
$26.59
$26.13
$26.39
Investment
Activities:
Net
investment
income
(loss)(b)
0.01
0.07
0.08
0.01
0.08
0.14
Net
realized
and
unrealized
gains
(losses)
1.76
5.36
(5.35)
11.99
1.31
2.30
Total
from
Investment
Activities
1.77
5.43
(5.27)
12.00
1.39
2.44
Distributions
to
Shareholders
from:
Net
investment
income
—
(0.01)
—
(0.05)
(0.14)
(0.05)
Net
realized
gains
(2.65)
(2.70)
(5.72)
(1.00)
(0.79)
(2.65)
Total
Distributions
(2.65)
(2.71)
(5.72)
(1.05)
(0.93)
(2.70)
Net
Asset
Value,
End
of
Period
$28.39
$29.27
$26.55
$37.54
$26.59
$26.13
Total
Return(c)(d)
6.19%
21.84%
(16.93)%
46.29%
5.35%
11.52%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
1.05%(g)
1.05%(g)
1.05%(g)
1.05%(g)
1.05%(g)
1.05%
Net
Investment
Income
(Loss)(e)
0.07%
0.25%
0.35%
0.02%
0.32%
0.58%
Gross
Expenses(e)(f)
1.55%
1.48%
1.37%
1.33%
1.31%
1.34%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$2,827
$2,927
$2,769
$3,861
$3,283
$3,274
Portfolio
Turnover(c)(h)
41%
90%
53%
70%
102%
126%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
During
the
year,
additional
fees
were
voluntarily
waived
or
reimbursed.
Had
these
fees
not
been
waived
or
reimbursed,
the
net
expense
ratio
for
each
class
would
have
been
0.10%
higher.
(h)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
44
See
notes
to
financial
statements.
Victory
Special
Value
Fund
Class
R
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$26.44
$24.34
$34.99
$24.93
$24.55
$25.02
Investment
Activities:
Net
investment
income
(loss)(b)
(0.06)
(0.08)
(0.04)
(0.14)
(0.04)
0.03
Net
realized
and
unrealized
gains
(losses)
1.57
4.88
(4.89)
11.20
1.23
2.15
Total
from
Investment
Activities
1.51
4.80
(4.93)
11.06
1.19
2.18
Distributions
to
Shareholders
from:
Net
investment
income
—
—
—
—
(0.02)
—
Net
realized
gains
(2.65)
(2.70)
(5.72)
(1.00)
(0.79)
(2.65)
Total
Distributions
(2.65)
(2.70)
(5.72)
(1.00)
(0.81)
(2.65)
Net
Asset
Value,
End
of
Period
$25.30
$26.44
$24.34
$34.99
$24.93
$24.55
Total
Return(c)(d)
5.86%
21.19%
(17.24)%
45.59%
4.82%
11.03%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
1.60%(g)
1.60%(g)
1.60%(g)
1.54%(g)
1.54%(g)
1.50%
Net
Investment
Income
(Loss)(e)
(0.49)%
(0.31)%
(0.19)%
(0.47)%
(0.16)%
0.13%
Gross
Expenses(e)(f)
1.71%
1.70%
1.70%
1.64%
1.64%
1.60%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$13,107
$13,732
$12,401
$16,605
$13,875
$21,084
Portfolio
Turnover(c)(h)
41%
90%
53%
70%
102%
126%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
During
the
year,
additional
fees
were
voluntarily
waived
or
reimbursed.
Had
these
fees
not
been
waived
or
reimbursed,
the
net
expense
ratio
for
each
class
would
have
been
0.10%
higher.
(h)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
45
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Special
Value
Fund
Class
Y
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$29.03
$26.37
$37.31
$26.44
$25.98
$26.25
Investment
Activities:
Net
investment
income
(loss)(b)
0.02
0.08
0.09
0.02
0.09
0.15
Net
realized
and
unrealized
gains
(losses)
1.74
5.31
(5.31)
11.92
1.32
2.28
Total
from
Investment
Activities
1.76
5.39
(5.22)
11.94
1.41
2.43
Distributions
to
Shareholders
from:
Net
investment
income
—
(0.03)
—
(0.07)
(0.16)
(0.05)
Net
realized
gains
(2.65)
(2.70)
(5.72)
(1.00)
(0.79)
(2.65)
Total
Distributions
(2.65)
(2.73)
(5.72)
(1.07)
(0.95)
(2.70)
Net
Asset
Value,
End
of
Period
$28.14
$29.03
$26.37
$37.31
$26.44
$25.98
Total
Return(c)(d)
6.20%
21.89%
(16.90)%
46.39%
5.40%
11.57%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
1.00%(g)
1.00%(g)
1.00%(g)
1.00%(g)
1.00%(g)
1.00%
Net
Investment
Income
(Loss)(e)
0.13%
0.29%
0.41%
0.07%
0.36%
0.60%
Gross
Expenses(e)(f)
2.51%
2.26%
1.61%
1.77%
3.68%
4.50%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$1,089
$994
$668
$816
$584
$520
Portfolio
Turnover(c)(h)
41%
90%
53%
70%
102%
126%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
During
the
year,
additional
fees
were
voluntarily
waived
or
reimbursed.
Had
these
fees
not
been
waived
or
reimbursed,
the
net
expense
ratio
for
each
class
would
have
been
0.10%
higher.
(h)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
46
See
notes
to
financial
statements.
Victory
THB
US
Small
Opportunities
Fund(a)
Class
A
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(b)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$17.42
$16.36
$24.30
$15.55
$15.00
$16.08
Investment
Activities:
Net
investment
income
(loss)(c)
(0.05)
(0.10)
(0.08)
(0.20)
(0.17)
(0.14)
Net
realized
and
unrealized
gains
(losses)
0.41
2.31
(5.46)
8.95
0.81
(0.44)
Total
from
Investment
Activities
0.36
2.21
(5.54)
8.75
0.64
(0.58)
Distributions
to
Shareholders
from:
Net
investment
income
—
—
(2.30)
—
(0.09)
(0.50)
Net
realized
gains
(3.58)
(1.15)
(0.10)
—
—
—
Total
Distributions
(3.58)
(1.15)
(2.40)
—
(0.09)
(0.50)
Net
Asset
Value,
End
of
Period
$14.20
$17.42
$16.36
$24.30
$15.55
$15.00
Total
Return
(excludes
sales
charge)(d)(e)
3.25%
13.51%
(24.83)%
56.27%
4.25%
(3.34)%
Ratios
to
Average
Net
Assets:
Net
Expenses(f)(g)
1.70%
1.70%
1.70%
1.70%
1.70%
1.70%
Net
Investment
Income
(Loss)(f)
(0.61)%
(0.56)%
(0.59)%
(1.20)%
(1.17)%
(0.92)%
Gross
Expenses(f)(g)
3.11%
3.01%
2.85%
2.45%
2.45%
2.20%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$1,181
$1,271
$1,185
$2,437
$493
$627
Portfolio
Turnover(d)(h)
12%
83%
43%
50%
62%
31%
(a)
On
May
3,
2021,
the
THB
Asset
Management
Microcap
Fund
(the
“Predecessor
Fund”)
was
reorganized
into
the
Victory
THB
US
Small
Opportunities
Fund
(the
“Victory
THB
Fund”).
Investor
Class
shares
of
the
Predecessor
Fund
were
exchanged
on
a
tax-free
basis
for
Class
A
of
the
Victory
THB
Fund.
Information
presented
prior
to
May
3,
2021,
is
that
of
the
Predecessor
Fund.
(b)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(c)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(d)
Not
annualized
for
periods
less
than
one
year.
(e)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(f)
Annualized
for
periods
less
than
one
year.
(g)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(h)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
47
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
THB
US
Small
Opportunities
Fund(a)
Class
I
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(b)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$18.53
$17.26
$25.42
$16.20
$15.56
$16.58
Investment
Activities:
Net
investment
income
(loss)(c)
(0.01)
(0.02)
(0.02)
(0.18)
(0.10)
(0.08)
Net
realized
and
unrealized
gains
(losses)
0.45
2.44
(5.74)
9.40
0.83
(0.44)
Total
from
Investment
Activities
0.44
2.42
(5.76)
9.22
0.73
(0.52)
Distributions
to
Shareholders
from:
Net
investment
income
—
—
(2.30)
—
(0.09)
(0.50)
Net
realized
gains
(3.58)
(1.15)
(0.10)
—
—
—
Total
Distributions
(3.58)
(1.15)
(2.40)
—
(0.09)
(0.50)
Redemption
Fees
Added
to
Beneficial
Interests
—
—
—
—(d)
—
—
Net
Asset
Value,
End
of
Period
$15.39
$18.53
$17.26
$25.42
$16.20
$15.56
Total
Return(e)(f)
3.41%
14.03%
(24.61)%
56.98%
4.68%
(2.86)%
Ratios
to
Average
Net
Assets:
Net
Expenses(g)(h)
1.25%
1.25%
1.25%
1.25%
1.25%
1.25%
Net
Investment
Income
(Loss)(g)
(0.16)%
(0.10)%
(0.13)%
(0.73)%
(0.70)%
(0.48)%
Gross
Expenses(g)(h)
1.81%
1.40%
1.44%
1.67%
1.98%
1.75%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$15,281
$17,515
$70,091
$86,947
$50,206
$73,403
Portfolio
Turnover(e)(i)
12%
83%
43%
50%
62%
31%
(a)
On
May
3,
2021,
the
THB
Asset
Management
Microcap
Fund
(the
“Predecessor
Fund”)
was
reorganized
into
the
Victory
THB
US
Small
Opportunities
Fund
(the
“Victory
THB
Fund”).
Institutional
Class
shares
of
the
Predecessor
Fund
were
exchanged
on
a
tax-free
basis
for
Class
I
of
the
Victory
THB
Fund.
Information
presented
prior
to
May
3,
2021,
is
that
of
the
Predecessor
Fund.
(b)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(c)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(d)
Amount
is
less
than
$0.005
per
share.
(e)
Not
annualized
for
periods
less
than
one
year.
(f)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(g)
Annualized
for
periods
less
than
one
year.
(h)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(i)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
48
See
notes
to
financial
statements.
Victory
Strategic
Allocation
Fund
Class
A
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$17.74
$17.05
$19.94
$16.48
$16.47
$15.44
Investment
Activities:
Net
investment
income
(loss)(b)
0.26
0.32
0.42
0.56
0.23
0.43
Net
realized
and
unrealized
gains
(losses)
0.51
1.18
(2.88)
3.46
0.41
1.12
Total
from
Investment
Activities
0.77
1.50
(2.46)
4.02
0.64
1.55
Distributions
to
Shareholders
from:
Net
investment
income
(0.26)
(0.33)
(0.43)
(0.56)
(0.23)
(0.39)
Net
realized
gains
(0.18)
(0.48)
—
—
(0.40)
(0.13)
Total
Distributions
(0.44)
(0.81)
(0.43)
(0.56)
(0.63)
(0.52)
Net
Asset
Value,
End
of
Period
$18.07
$17.74
$17.05
$19.94
$16.48
$16.47
Total
Return
(excludes
sales
charge)(c)(d)
4.43%
9.11%
(12.57)%
24.51%
3.99%
10.37%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.40%
0.40%
0.40%
0.40%
0.40%
0.40%
Net
Investment
Income
(Loss)(e)
2.93%
1.88%
3.34%
2.92%
1.45%
2.69%
Gross
Expenses(e)(f)
0.88%
0.85%
0.82%
0.80%
0.81%
0.77%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$13,514
$13,335
$13,575
$16,378
$14,364
$15,365
Portfolio
Turnover(c)(g)
2%
25%
9%
22%
13%
5%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
49
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Strategic
Allocation
Fund
Class
C
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$17.39
$16.73
$19.56
$16.19
$16.18
$15.19
Investment
Activities:
Net
investment
income
(loss)(b)
0.20
0.19
0.32
0.40
0.13
0.30
Net
realized
and
unrealized
gains
(losses)
0.49
1.16
(2.82)
3.40
0.39
1.10
Total
from
Investment
Activities
0.69
1.35
(2.50)
3.80
0.52
1.40
Distributions
to
Shareholders
from:
Net
investment
income
(0.20)
(0.21)
(0.33)
(0.43)
(0.11)
(0.28)
Net
realized
gains
(0.18)
(0.48)
—
—
(0.40)
(0.13)
Total
Distributions
(0.38)
(0.69)
(0.33)
(0.43)
(0.51)
(0.41)
Net
Asset
Value,
End
of
Period
$17.70
$17.39
$16.73
$19.56
$16.19
$16.18
Total
Return
(excludes
contingent
deferred
sales
charge)(c)(d)
3.97%
8.32%
(13.01)%
23.57%
3.23%
9.53%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
1.15%
1.15%
1.15%
1.15%
1.15%
1.15%
Net
Investment
Income
(Loss)(e)
2.32%
1.11%
2.59%
2.10%
0.82%
1.94%
Gross
Expenses(e)(f)
1.97%
2.04%
2.02%
2.02%
1.90%
1.72%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$3,313
$2,823
$1,978
$2,507
$2,009
$3,193
Portfolio
Turnover(c)(g)
2%
25%
9%
22%
13%
5%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
50
See
notes
to
financial
statements.
Victory
Strategic
Allocation
Fund
Class
I
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$17.85
$17.15
$20.06
$16.57
$16.56
$15.52
Investment
Activities:
Net
investment
income
(loss)(b)
0.28
0.37
0.45
0.61
0.27
0.46
Net
realized
and
unrealized
gains
(losses)
0.52
1.18
(2.89)
3.48
0.41
1.13
Total
from
Investment
Activities
0.80
1.55
(2.44)
4.09
0.68
1.59
Distributions
to
Shareholders
from:
Net
investment
income
(0.28)
(0.37)
(0.47)
(0.60)
(0.27)
(0.42)
Net
realized
gains
(0.18)
(0.48)
—
—
(0.40)
(0.13)
Total
Distributions
(0.46)
(0.85)
(0.47)
(0.60)
(0.67)
(0.55)
Net
Asset
Value,
End
of
Period
$18.19
$17.85
$17.15
$20.06
$16.57
$16.56
Total
Return(c)(d)
4.54%
9.38%
(12.43)%
24.86%
4.22%
10.63%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
Net
Investment
Income
(Loss)(e)
3.14%
2.12%
3.59%
3.13%
1.66%
2.90%
Gross
Expenses(e)(f)
0.68%
0.64%
0.63%
0.56%
0.59%
0.59%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$7,852
$8,069
$8,020
$9,283
$7,006
$5,743
Portfolio
Turnover(c)(g)
2%
25%
9%
22%
13%
5%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
51
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Strategic
Allocation
Fund
Class
R
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$17.70
$17.01
$19.89
$16.44
$16.43
$15.41
Investment
Activities:
Net
investment
income
(loss)(b)
0.24
0.28
0.39
0.51
0.19
0.36
Net
realized
and
unrealized
gains
(losses)
0.51
1.18
(2.87)
3.45
0.42
1.14
Total
from
Investment
Activities
0.75
1.46
(2.48)
3.96
0.61
1.50
Distributions
to
Shareholders
from:
Net
investment
income
(0.24)
(0.29)
(0.40)
(0.51)
(0.20)
(0.35)
Net
realized
gains
(0.18)
(0.48)
—
—
(0.40)
(0.13)
Total
Distributions
(0.42)
(0.77)
(0.40)
(0.51)
(0.60)
(0.48)
Net
Asset
Value,
End
of
Period
$18.03
$17.70
$17.01
$19.89
$16.44
$16.43
Total
Return(c)(d)
4.26%
8.87%
(12.72)%
24.20%
3.74%
10.08%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.65%
0.65%
0.65%
0.65%
0.65%
0.65%
Net
Investment
Income
(Loss)(e)
2.67%
1.62%
3.10%
2.69%
1.18%
2.30%
Gross
Expenses(e)(f)
2.22%
2.11%
1.95%
1.82%
1.76%
1.87%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$1,184
$1,147
$1,061
$1,264
$1,259
$1,308
Portfolio
Turnover(c)(g)
2%
25%
9%
22%
13%
5%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
52
See
notes
to
financial
statements.
Victory
Fund
for
Income
Class
A
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$6.91
$7.32
$7.92
$8.40
$8.56
$8.56
Investment
Activities:
Net
investment
income
(loss)(b)
0.05
0.09
0.03
0.02
0.06
0.18
Net
realized
and
unrealized
gains
(losses)
0.14
(0.13)
(0.38)
(0.11)
0.17
0.28
Total
from
Investment
Activities
0.19
(0.04)
(0.35)
(0.09)
0.23
0.46
Distributions
to
Shareholders
from:
Net
investment
income
(0.21)
(0.37)
(0.25)
(0.39)
(0.39)
(0.46)
Total
Distributions
(0.21)
(0.37)
(0.25)
(0.39)
(0.39)
(0.46)
Net
Asset
Value,
End
of
Period
$6.89
$6.91
$7.32
$7.92
$8.40
$8.56
Total
Return
(excludes
sales
charge)(c)(d)
2.75%
(0.45)%
(4.48)%
(1.14)%
2.75%
5.50%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.91%
0.91%
0.91%
0.91%
0.91%
0.92%
Net
Investment
Income
(Loss)(e)
1.45%
1.29%
0.53%
0.25%
0.75%
2.12%
Gross
Expenses(e)(f)
0.99%
0.96%
0.95%
0.92%
0.92%
0.94%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$77,828
$85,445
$99,353
$128,802
$151,236
$136,570
Portfolio
Turnover(c)(g)
1%
10%
20%
27%
55%
29%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
53
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Fund
for
Income
Class
C
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$6.83
$7.23
$7.84
$8.31
$8.48
$8.48
Investment
Activities:
Net
investment
income
(loss)(b)
0.02
0.03
(0.01)
(0.05)
—(c)
0.13
Net
realized
and
unrealized
gains
(losses)
0.13
(0.11)
(0.39)
(0.10)
0.16
0.26
Total
from
Investment
Activities
0.15
(0.08)
(0.40)
(0.15)
0.16
0.39
Distributions
to
Shareholders
from:
Net
investment
income
(0.18)
(0.32)
(0.21)
(0.32)
(0.33)
(0.39)
Total
Distributions
(0.18)
(0.32)
(0.21)
(0.32)
(0.33)
(0.39)
Net
Asset
Value,
End
of
Period
$6.80
$6.83
$7.23
$7.84
$8.31
$8.48
Total
Return
(excludes
contingent
deferred
sales
charge)(d)(e)
2.22%
(1.11)%
(5.15)%
(1.81)%
1.85%
4.72%
Ratios
to
Average
Net
Assets:
Net
Expenses(f)(g)
1.71%
1.71%
1.71%
1.71%
1.71%
1.72%
Net
Investment
Income
(Loss)(f)
0.65%
0.48%
(0.27)%
(0.62)%
(0.01)%
1.53%
Gross
Expenses(f)(g)
2.13%
1.94%
1.84%
1.79%
1.74%
1.73%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$3,519
$3,967
$6,978
$10,066
$20,801
$22,541
Portfolio
Turnover(d)(h)
1%
10%
20%
27%
55%
29%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Amount
is
less
than
$0.005
per
share.
(d)
Not
annualized
for
periods
less
than
one
year.
(e)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(f)
Annualized
for
periods
less
than
one
year.
(g)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(h)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
54
See
notes
to
financial
statements.
Victory
Fund
for
Income
Class
I
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$6.91
$7.31
$7.92
$8.39
$8.55
$8.55
Investment
Activities:
Net
investment
income
(loss)(b)
0.06
0.11
0.04
0.04
0.08
0.16
Net
realized
and
unrealized
gains
(losses)
0.14
(0.12)
(0.39)
(0.10)
0.17
0.32
Total
from
Investment
Activities
0.20
(0.01)
(0.35)
(0.06)
0.25
0.48
Distributions
to
Shareholders
from:
Net
investment
income
(0.22)
(0.39)
(0.26)
(0.41)
(0.41)
(0.48)
Total
Distributions
(0.22)
(0.39)
(0.26)
(0.41)
(0.41)
(0.48)
Net
Asset
Value,
End
of
Period
$6.89
$6.91
$7.31
$7.92
$8.39
$8.55
Total
Return(c)(d)
2.74%
(0.05)%
(4.45)%
(0.77)%
3.01%
5.79%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.64%
0.64%
0.64%
0.64%
0.64%
0.64%
Net
Investment
Income
(Loss)(e)
1.72%
1.55%
0.80%
0.48%
0.95%
1.84%
Gross
Expenses(e)(f)
0.74%
0.70%
0.68%
0.67%
0.66%
0.65%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$181,182
$205,132
$284,230
$385,332
$590,749
$447,735
Portfolio
Turnover(c)(g)
1%
10%
20%
27%
55%
29%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
55
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Fund
for
Income
Class
R
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$6.92
$7.33
$7.93
$8.40
$8.56
$8.57
Investment
Activities:
Net
investment
income
(loss)(b)
0.05
0.09
0.03
0.02
0.06
0.18
Net
realized
and
unrealized
gains
(losses)
0.14
(0.13)
(0.38)
(0.10)
0.17
0.27
Total
from
Investment
Activities
0.19
(0.04)
(0.35)
(0.08)
0.23
0.45
Distributions
to
Shareholders
from:
Net
investment
income
(0.21)
(0.37)
(0.25)
(0.39)
(0.39)
(0.46)
Total
Distributions
(0.21)
(0.37)
(0.25)
(0.39)
(0.39)
(0.46)
Net
Asset
Value,
End
of
Period
$6.90
$6.92
$7.33
$7.93
$8.40
$8.56
Total
Return(c)(d)
2.75%
(0.45)%
(4.48)%
(1.03)%
2.74%
5.37%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.91%
0.91%
0.91%
0.91%
0.91%
0.92%
Net
Investment
Income
(Loss)(e)
1.45%
1.28%
0.54%
0.23%
0.76%
2.04%
Gross
Expenses(e)(f)
1.05%
1.00%
0.98%
0.93%
0.92%
0.94%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$12,897
$13,784
$17,973
$23,613
$43,684
$38,596
Portfolio
Turnover(c)(g)
1%
10%
20%
27%
55%
29%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
56
See
notes
to
financial
statements.
Victory
Fund
for
Income
Class
R6
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$6.89
$7.30
$7.91
$8.38
$8.54
$8.55
Investment
Activities:
Net
investment
income
(loss)(b)
0.06
0.11
0.04
0.04
0.08
0.17
Net
realized
and
unrealized
gains
(losses)
0.14
(0.13)
(0.39)
(0.10)
0.18
0.30
Total
from
Investment
Activities
0.20
(0.02)
(0.35)
(0.06)
0.26
0.47
Distributions
to
Shareholders
from:
Net
investment
income
(0.22)
(0.39)
(0.26)
(0.41)
(0.42)
(0.48)
Total
Distributions
(0.22)
(0.39)
(0.26)
(0.41)
(0.42)
(0.48)
Net
Asset
Value,
End
of
Period
$6.87
$6.89
$7.30
$7.91
$8.38
$8.54
Total
Return(c)(d)
2.90%
(0.18)%
(4.44)%
(0.77)%
3.06%
5.68%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.63%
0.63%
0.63%
0.63%
0.63%
0.63%
Net
Investment
Income
(Loss)(e)
1.73%
1.56%
0.83%
0.46%
0.88%
2.00%
Gross
Expenses(e)(f)
0.67%
0.65%
0.63%
0.64%
0.64%
0.66%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$25,346
$23,861
$27,174
$29,691
$49,009
$15,864
Portfolio
Turnover(c)(g)
1%
10%
20%
27%
55%
29%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
57
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Fund
for
Income
Class
Y
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$6.90
$7.31
$7.92
$8.40
$8.56
$8.56
Investment
Activities:
Net
investment
income
(loss)(b)
0.06
0.10
0.04
0.03
0.06
0.13
Net
realized
and
unrealized
gains
(losses)
0.13
(0.12)
(0.39)
(0.11)
0.19
0.35
Total
from
Investment
Activities
0.19
(0.02)
(0.35)
(0.08)
0.25
0.48
Distributions
to
Shareholders
from:
Net
investment
income
(0.21)
(0.39)
(0.26)
(0.40)
(0.41)
(0.48)
Total
Distributions
(0.21)
(0.39)
(0.26)
(0.40)
(0.41)
(0.48)
Net
Asset
Value,
End
of
Period
$6.88
$6.90
$7.31
$7.92
$8.40
$8.56
Total
Return(c)(d)
2.85%
(0.26)%
(4.46)%
(0.94)%
2.95%
5.72%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.71%
0.71%
0.71%
0.71%
0.71%
0.71%
Net
Investment
Income
(Loss)(e)
1.65%
1.46%
0.72%
0.40%
0.67%
1.48%
Gross
Expenses(e)(f)
0.72%
0.74%
0.72%
0.71%
0.74%
0.79%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$38,898
$45,084
$82,168
$120,588
$186,421
$54,950
Portfolio
Turnover(c)(g)
1%
10%
20%
27%
55%
29%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
58
See
notes
to
financial
statements.
Victory
Fund
for
Income
Member
Class
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
November
3,
2020(b)
through
October
31,
2021
Net
Asset
Value,
Beginning
of
Period
$6.93
$7.34
$7.95
$8.41
Investment
Activities:
Net
investment
income
(loss)(c)
0.06
0.10
0.04
0.04
Net
realized
and
unrealized
gains
(losses)
0.13
(0.12)
(0.39)
(0.13)
Total
from
Investment
Activities
0.19
(0.02)
(0.35)
(0.09)
Distributions
to
Shareholders
from:
Net
investment
income
(0.21)
(0.39)
(0.26)
(0.37)
Total
Distributions
(0.21)
(0.39)
(0.26)
(0.37)
Net
Asset
Value,
End
of
Period
$6.91
$6.93
$7.34
$7.95
Total
Return(d)(e)
2.82%
(0.29)%
(4.49)%
(1.08)%
Ratios
to
Average
Net
Assets:
Net
Expenses(f)(g)
0.75%
0.75%
0.75%
0.75%
Net
Investment
Income
(Loss)(f)
1.60%
1.45%
0.73%
0.52%
Gross
Expenses(f)(g)
2.17%
1.59%
2.85%
4.45%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$1,291
$1,369
$1,238
$877
Portfolio
Turnover(d)(h)
1%
10%
20%
27%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Commencement
of
operations.
(c)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(d)
Not
annualized
for
periods
less
than
one
year.
(e)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(f)
Annualized
for
periods
less
than
one
year.
(g)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(h)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
59
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Investment
Grade
Convertible
Fund
Class
A
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$16.35
$16.30
$19.97
$17.31
$17.51
$16.22
Investment
Activities:
Net
investment
income
(loss)(b)
0.11
0.28
0.18
0.22
0.27
0.21
Net
realized
and
unrealized
gains
(losses)
0.53
0.27
(2.07)
3.27
0.47
1.84
Total
from
Investment
Activities
0.64
0.55
(1.89)
3.49
0.74
2.05
Distributions
to
Shareholders
from:
Net
investment
income
(0.22)
(0.36)
(1.45)
(0.83)
(0.35)
(0.28)
Net
realized
gains
—
(0.14)
(0.33)
—
(0.59)
(0.48)
Total
Distributions
(0.22)
(0.50)
(1.78)
(0.83)
(0.94)
(0.76)
Net
Asset
Value,
End
of
Period
$16.77
$16.35
$16.30
$19.97
$17.31
$17.51
Total
Return
(excludes
sales
charge)(c)(d)
3.95%
3.50%
(10.32)%
20.62%
4.43%
13.35%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
1.24%
1.20%
1.22%
1.39%
1.38%
1.49%
Net
Investment
Income
(Loss)(e)
1.37%
1.75%
1.48%
1.12%
1.63%
1.31%
Gross
Expenses(e)(f)
1.24%
1.20%
1.22%
1.41%
1.38%
1.49%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$19,987
$17,827
$18,981
$21,644
$16,571
$16,349
Portfolio
Turnover(c)(g)
15%
22%
17%
28%
34%
35%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
60
See
notes
to
financial
statements.
Victory
Investment
Grade
Convertible
Fund
Class
I
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$16.35
$16.29
$19.98
$17.32
$17.50
$16.21
Investment
Activities:
Net
investment
income
(loss)(b)
0.13
0.33
0.22
0.31
0.33
0.31
Net
realized
and
unrealized
gains
(losses)
0.54
0.27
(2.08)
3.27
0.49
1.83
Total
from
Investment
Activities
0.67
0.60
(1.86)
3.58
0.82
2.14
Distributions
to
Shareholders
from:
Net
investment
income
(0.24)
(0.40)
(1.50)
(0.92)
(0.41)
(0.37)
Net
realized
gains
—
(0.14)
(0.33)
—
(0.59)
(0.48)
Total
Distributions
(0.24)
(0.54)
(1.83)
(0.92)
(1.00)
(0.85)
Net
Asset
Value,
End
of
Period
$16.78
$16.35
$16.29
$19.98
$17.32
$17.50
Total
Return(c)(d)
4.12%
3.78%
(10.20)%
21.19%
4.91%
13.99%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.95%
0.92%
0.91%
0.93%
0.96%
0.96%
Net
Investment
Income
(Loss)(e)
1.61%
2.01%
1.82%
1.59%
1.98%
1.87%
Gross
Expenses(e)(f)
0.95%
0.92%
0.91%
0.93%
0.96%
0.96%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$253,022
$295,985
$425,954
$403,122
$276,923
$263,981
Portfolio
Turnover(c)(g)
15%
22%
17%
28%
34%
35%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
61
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Investment
Grade
Convertible
Fund
Member
Class
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
November
3,
2020(b)
through
October
31,
2021
Net
Asset
Value,
Beginning
of
Period
$17.03
$16.95
$20.71
$17.36
Investment
Activities:
Net
investment
income
(loss)(c)
0.13
0.32
0.21
0.26
Net
realized
and
unrealized
gains
(losses)
0.55
0.28
(2.16)
3.31
Total
from
Investment
Activities
0.68
0.60
(1.95)
3.57
Distributions
to
Shareholders
from:
Net
investment
income
(0.22)
(0.38)
(1.48)
(0.22)
Net
realized
gains
—
(0.14)
(0.33)
—
Total
Distributions
(0.22)
(0.52)
(1.81)
(0.22)
Net
Asset
Value,
End
of
Period
$17.49
$17.03
$16.95
$20.71
Total
Return(d)(e)
4.05%
3.62%
(10.28)%
20.63%
Ratios
to
Average
Net
Assets:
Net
Expenses(f)(g)
1.10%
1.10%
1.10%
1.10%
Net
Investment
Income
(Loss)(f)
1.49%
1.89%
1.67%
1.30%
Gross
Expenses(f)(g)
2.05%
1.76%
3.79%
9.99%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$1,872
$1,720
$1,058
$512
Portfolio
Turnover(d)(h)
15%
22%
17%
28%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Commencement
of
operations.
(c)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(d)
Not
annualized
for
periods
less
than
one
year.
(e)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(f)
Annualized
for
periods
less
than
one
year.
(g)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(h)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Notes
to
Financial
Statements
December
31,
2023
Victory
Portfolios
62
(Unaudited)
1.
Organization:
Victory
Portfolios
(the
“Trust”)
is
organized
as
a
Delaware
statutory
trust and
the Trust
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
investment
company.
The
Trust
is
comprised
of 37
funds
and
is
authorized
to
issue
an
unlimited
number
of
shares,
which
are
units
of
beneficial
interest
with a
par
value
of
$0.001
per
share.
The
accompanying
financial
statements
are
those
of
the
following six
Funds
(collectively,
the
“Funds”
and
individually,
a
“Fund”).
Each
Fund is
classified
as
diversified
under
the
1940
Act.
On
February
2,
2021,
the
Board
of
Trustees
(the
“Board”)
of
the
Trust
approved
an
Agreement
and
Plan
of
Reorganization
(“Reorganization”),
dated
February
26,
2021,
which
provided
for
the
newly
formed
Victory
THB
US
Small
Opportunities
Fund
(“Acquiring
Fund”)
and
its
tax-free
exchange
of
shares
of
the
THB
Asset
Management
Microcap
Fund’s
(“Predecessor
Fund”)
shares,
valued
at
the
Predecessor
Fund’s
net
assets
for
the
exact
same
shares
and
value
of
the
Acquiring
Fund’s
shares.
Investor
Class
and
Institutional
Class
shares
of
the
Predecessor
Fund
were
exchanged
for
Class
A
and
Class
I
shares,
respectively,
of
the
Acquiring
Fund.
The
Acquiring
Fund
commenced
operations
on
May
3,
2021,
upon
the
completion
of
the
Reorganization
which
occurred
as
of
the
close
of
business
on
April
30,
2021.
Each
class
of
shares
of
a
Fund
has
substantially
identical
rights
and
privileges
except
with
respect
to
sales
charges,
fees
paid
under
distribution
plans,
expenses
allocable
exclusively
to
each
class
of
shares,
voting
rights
on
matters
solely
affecting
a
single
class
of
shares,
and
the
exchange
privilege
of
each
class
of
shares. Victory
Capital
Management
Inc.
(“VCM”
or
the
“Adviser”)
is
an
indirect
wholly
owned
subsidiary
of
Victory
Capital
Holdings,
Inc.,
a
publicly
traded
Delaware
corporation,
and
a
wholly
owned
direct
subsidiary
of
Victory
Capital
Operating,
LLC.
Strategic
Allocation
Fund
is
a
“fund
of
funds”
in
that
it
invests
in
a
selection
of
affiliated
mutual
funds
and
exchange-traded
funds
(“ETFs”)
managed
by
the
Fund’s Adviser,
Victory
Capital
Management
Inc.,
an
affiliate
of
the
Fund.
Strategic
Allocation
Fund
may
rely
on
various
exemptions
contained
in
the 1940
Act
and
in
exemptive
rules
or
orders
thereunder
issued
by
the
Securities
and
Exchange
Commission
(“SEC”)
that
permit
funds,
subject
to
certain
conditions,
to
invest
in
one
or
more
ETFs
and
certain
other
types
of
investment
companies
in
amounts
that
exceed
limits
set
forth
in
the
1940
Act
that
would
otherwise
be
applicable.
On May
19,
2022,
the
Board approved
the
fiscal
year-end
change
for
the
Funds
from
October
31
to
June
30.
The
accompanying
financial
statements
reflect
this
change
in
fiscal
year-end.
Under
the
Trust’s
organizational
documents,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Funds.
In
addition,
in
the
normal
course
of
business,
the
Funds
enter
into
contracts
with
their
vendors
and
others
that
provide
for
general
indemnifications.
The Funds’
maximum
exposure
under
these
arrangements
is
unknown,
as
this
would
involve
future
claims
that
may
be
made
against
the
Funds.
However,
based
on
experience,
the
Funds
expect
that
risk
of
loss
to
be
remote.
2.
Significant
Accounting
Policies:
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the Funds
in
the
preparation
of their
financial
statements.
 The
policies
are
in
conformity
with
U.S.
Generally
Accepted
Accounting
Principles
(“GAAP”).
The
preparation
of
financial
statements
in
accordance
with
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
for
the
period.
Actual
results
could
differ
from
those
estimates.
The
Funds
follow
the
specialized
accounting
and
reporting
requirements
under
GAAP
that
are
applicable
to
investment
companies
under
Accounting
Standards
Codification
Topic
946.
Investment
Valuation:
The
Funds
record
investments
at
fair
value.
Fair
value
is
defined
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
valuation
techniques
described
below
maximize
the
use
of
observable
inputs
and
minimize
the
use
of
unobservable
inputs
in
determining
fair
value.
The
inputs
used
for
valuing
the
Funds’
investments
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
quoted
prices
(unadjusted)
in
active
markets
for
identical
securities
Level
2
—
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
or
credit
spreads,
applicable
to
those
securities,
etc.)
Level
3
—
significant
unobservable
inputs
(including
the
Adviser’s
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
in
or
out
of
an
assigned
level
within
the
disclosure
hierarchy.
The
inputs
or
methodologies
used
for
valuation
techniques
are
not
necessarily
an
indication
of
the
risks
associated
with
entering
into
those
investments.
Funds
(Legal
Name)
Funds
(Short
Name)
Investment
Share
Classes
Offered
Victory
Diversified
Stock
Fund
Diversified
Stock
Fund
A,
C,
I,
R,
R6,
and
Y
Victory
Special
Value
Fund
Special
Value
Fund
A,
C,
I,
R,
and
Y
Victory
THB
US
Small
Opportunities
Fund
THB
US
Small
Opportunities
Fund
A
and
I
Victory
Strategic
Allocation
Fund
Strategic
Allocation
Fund
A,
C,
I,
and
R
Victory
Fund
for
Income
Fund
for
Income
A,
C,
I,
R,
R6,
Y,
and
Member
Class
Victory
Investment
Grade
Convertible
Fund
Investment
Grade
Convertible
Fund
A,
I,
and
Member
Class
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
63
(Unaudited)
The
Adviser,
appointed
as the
valuation
designee
by the
Board,
has
established
the
Pricing
and
Liquidity
Committee
(the
“Committee”),
and
subject
to Board
oversight,
the
Committee
administers
and
oversees
the
Funds’
valuation
policies
and
procedures,
which
were
approved
by
the
Board.
Portfolio
securities
listed
or
traded
on
securities
exchanges,
including
ETFs,
and
American
Depositary
Receipts,
are
valued
at
the
last
sale
price
on
the
exchange
or
system
where
the
security
is
principally
traded,
if
available,
or
at
the
Nasdaq
Official
Closing
Price.
If
there
have
been
no
sales
for
that
day
on
the
exchange
or
system,
then
a
security
is
valued
at
the
closing bid
quotation
on
the
exchange
or
system
where
the
security
is
principally
traded.
In
each
of
these
situations,
valuations
are
typically
categorized
as
Level
1
in
the
fair
value
hierarchy.
Investments
in
open-end
investment
companies,
other
than
ETFs, are
valued
at their
net
asset
value
(“NAV”).
These
valuations
are
typically
categorized
as
Level
1 in
the
fair
value
hierarchy.
Investments
in
the
underlying
affiliated
Funds
of
the
Strategic
Allocation
Fund and
other
open-end
investment
companies,
other
than
ETFs,
are
valued
at
their
NAV
at
the
end
of
each
business
day
and
are
typically
categorized
in
Level
1
of
the
fair
value
hierarchy.
The
underlying
affiliated
Funds
of
the
Strategic
Allocation
Fund
have
specific
valuation
procedures.
In
the
event
that
price
quotations
or
valuations
are
not
readily
available,
are
not
reflective
of
market
value,
or
a
significant
event
has
been
recognized
in
relation
to
a
security
or
class
of
securities,
the
securities
are
valued
in
good
faith
by
the
Committee
in
accordance
with
valuation
procedures
approved
by
the
Board.
The
effect
of
fair
value
pricing
is
that
securities
may
not
be
priced
on
the
basis
of
quotations
from
the
primary
market
in
which
they
are
traded
and
the
actual
price
realized
from
the
sale
of
a
security
may
differ
materially
from
the
fair
value
price.
Valuing
these
securities
at
fair
value
is
intended
to
cause
the
Fund’s
NAV
to
be
more
reliable
than
it
otherwise
would
be.
Debt
securities
are
valued
each
business
day
by
a
pricing
service
approved
by
the
valuation
designee
and
subject
to
the
oversight
of
the
Board.
The
pricing
service
uses
the
evaluated
bid
or market
quotes to
value
securities.
Debt
obligations
maturing
within
60
days
may
be
valued
at
amortized
cost,
provided
that
the
amortized
cost
represents
the
fair
value
of
such
securities.
These
valuations
are
typically
categorized
as
Level
2
in
the
fair
value
hierarchy.
In
the
event
that
price
quotations
or
valuations
are
not
readily
available,
investments
are
valued
at
fair
value
in
accordance
with
procedures
established
by
and
under
the
general
supervision
and
responsibility
of
the
Board.
These
valuations
are
typically
categorized
as
Level
2
or
Level
3
in
the
fair
value
hierarchy,
based
on
the
observability
of
inputs
used
to
determine
the
fair
value.
The
effect
of
fair
value
pricing
is
that
securities
may
not
be
priced
on
the
basis
of
quotations
from
the
primary
market
in
which
they
are
traded
and
the
actual
price
realized
from
the
sale
of
a
security
may
differ
materially
from
the
fair
value
price.
Valuing
these
securities
at
fair
value
is
intended
to
cause
the
Funds’
NAV to
be
more
reliable
than
it
otherwise
would
be.
A
summary
of
the
valuations
as
of
December
31,
2023,
based
upon
the
three
levels
defined
above,
is
included
in
the
table
below
while
the
breakdown,
by
category,
of
investments
is
disclosed
on
the
Schedules
of
Portfolio
Investments
(amounts
in
thousands):
Level
1
Level
2
Level
3
Total
Diversified
Stock
Fund
Common
Stocks
...............................................
$
276,062
$
—
$
—
$
276,062
Exchange-Traded
Funds
.........................................
6,497
—
—
6,497
Total
.......................................................
$
282,559
$
—
$
—
$
282,559
Special
Value
Fund
Common
Stocks
...............................................
40,069
—
—
40,069
Exchange-Traded
Funds
.........................................
479
—
—
479
Total
.......................................................
$
40,548
$
—
$
—
$
40,548
THB
US
Small
Opportunities
Fund
Common
Stocks
...............................................
16,310
—
—
16,310
Collateral
for
Securities
Loaned
...................................
169
—
—
169
Total
.......................................................
$
16,479
$
—
$
—
$
16,479
Strategic
Allocation
Fund
Affiliated
Exchange-Traded
Funds
..................................
1,668
—
—
1,668
Affiliated
Mutual
Funds
.........................................
24,099
—
—
24,099
Total
.......................................................
$
25,767
$
—
$
—
$
25,767
Fund
for
Income
Collateralized
Mortgage
Obligations
................................
—
11,367
—
11,367
U.S.
Government
Agency
Mortgages
................................
—
274,559
—
274,559
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
64
(Unaudited)
As
of December
31,
2023,
there
were
no
significant transfers
into/out
of
Level
3.
Real
Estate
Investment
Trusts
(“REITs”):
The
Funds
may
invest
in
REITs,
which
report
information
on
the
source
of
their
distributions
annually.
REITs
are
pooled
investment
vehicles
that
invest
primarily
in
income-producing
real
estate
or
real
estate
related
loans
or
interests
(such
as
mortgages).
Certain
distributions
received
from
REITs
during
the
year
are
recorded
as
realized
gains
or
return
of
capital
as
estimated
by
the
Funds
or
when
such
information
becomes
known.
Investment
Companies:
Exchange-Traded
Funds:
The Funds
may
invest
in
ETFs,
the
shares
of
which
are
bought
and
sold
on
a
securities
exchange.
An
ETF
trades
like
common
stock
and
represents
a
fixed
portfolio
of
securities
often
designed
to
track
the
performance
and
dividend
yield
of
a
particular
domestic
or
foreign
market
index.
Among
other
purposes,
the
Funds
may
purchase
shares
of
an
ETF
to
temporarily
gain
exposure
to
a
portion
of
the
U.S.
or
a
foreign
market
while
awaiting
purchase
of
underlying
securities.
The
risks
of
owning
an
ETF
generally
reflect
the
risks
of
owning
the
underlying
securities
the
ETF
is
designed
to
track,
although
the
lack
of
liquidity
of
an
ETF
could
result
in
it
being
more
volatile.
Additionally,
ETFs
have
fees
and
expenses
that
reduce
their
value.
Open-End
Funds:
The
Funds
may
invest
in
portfolios
of
open-end
investment
companies.
These
investment
companies
value
securities
in
their
portfolios
for
which
market
quotations
are
readily
available
at
their
market
values
(generally
the
last
reported
sale
price)
and
all
other
securities
and
assets
at
their
fair
value
by
the
methods
established
by
the
board
of
directors
of
the
underlying
funds.
Investment
Transactions
and
Related
Income:
Changes
in
holdings
of
investments
are
accounted
for
no
later
than
one
business
day
following
the
trade
date.
For
financial
reporting
purposes,
however,
investment
transactions
are
accounted
for
on
trade
date
or
the
last
business
day
of
the
reporting
period.
Interest
income
is
determined
on
the
basis
of
coupon
interest
accrued
and
recorded
daily
 using
the
effective
interest
method
which
adjusts,
where
applicable,
the
amortization
of
premiums
or
accretion
of
discounts. Dividend
income
is
recorded
on
the
ex-dividend
date.
Non-cash
dividends
included
in
income,
if
any,
are
recorded
at
the
fair
value
of
the
securities
received. Gains
or
losses
realized
on
sales
of
securities
are
recorded
on
the
identified
cost
basis.
Paydown
gains
or
losses
on
applicable
securities,
if
any,
are
recorded
as
components
of
Interest
income
on
the
Statements
of
Operations. 
Withholding
taxes
on
interest,
dividends,
and
gains
as
a
result
of
certain
investments
by
the
Funds
have
been
provided
for
in
accordance
with
each
investment’s
applicable
country’s
tax
rules
and
rates.
Securities
Lending:
The
Funds, through
a Securities
Lending
Agreement with
Citibank,
N.A.
(“Citibank”), may
lend
their
securities
to
qualified
financial
institutions,
such
as
certain
broker-dealers
and
banks,
to
earn
additional
income,
net
of
income
retained
by
Citibank. 
Borrowers
are
required
to
initially
secure
their
loans for
collateral
in
the
amount
of
at
least
102%
of
the
value
of
U.S.
securities
loaned
or
at
least
105%
of
the
value
of
non-
U.S.
securities
loaned,
marked-to-market
daily.
Any
collateral
shortfalls
associated
with
increases
in
the
valuation
of
the
securities
loaned
are
generally
cured the
next
business
day.
The
collateral
can
be
received
in
the
form
of
cash
collateral
and/or
non-cash
collateral.
Non-cash
collateral
can
include
U.S.
Government
Securities and
other
securities
as
permitted
by
SEC
guidelines.
The
cash
collateral
is
invested
in
short-
term
instruments
or
cash
equivalents,
primarily
open-end
investment
companies,
as
noted
on
the
Funds’
Schedules
of
Portfolio
Investments.
The
Funds
effectively
do not
have
control
of
the
non-cash
collateral
and
therefore
it
is
not
disclosed
on
the
Funds’
Schedules
of
Portfolio
Investments.
Collateral
requirements
are
determined
daily
based
on
the
value
of
the
Funds’
securities
on
loan
as
of
the
end
of
the prior
business
Level
1
Level
2
Level
3
Total
Fund
for
Income,
continued
U.S.
Treasury
Obligations
........................................
$
—
$
53,545
$
—
$
53,545
Investment
Companies
..........................................
100
—
—
100
Total
.......................................................
$
100
$
339,471
$
—
$
339,571
Investment
Grade
Convertible
Fund
Common
Stocks
...............................................
2,378
—
—
2,378
Convertible
Corporate
Bonds
.....................................
—
210,404
—
210,404
Convertible
Preferred
Stocks
......................................
54,211
—
—
54,211
Collateral
for
Securities
Loaned
...................................
13,028
—
—
13,028
Total
.......................................................
$
69,617
$
210,404
$
—
$
280,021
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
65
(Unaudited)
day. 
During
the
time
portfolio
securities
are
on
loan,
the
borrower
will
pay
the
Funds
any
dividends
or
interest
paid
on
such
securities
plus
any
fee
negotiated
between
the
parties
to
the
lending
agreement.
The
Funds
also
earn
a
return
from
the
collateral.
The
Funds
pay
Citibank
various
fees
in
connection
with
the
investment
of
cash
collateral
and
fees
based
on
the
investment
income
received
from
securities
lending
activities.
Securities
lending
income
(net
of
these
fees)
is
disclosed
on
the
Statements
of
Operations.
Loans
are
terminable
upon
demand
and
the
borrower
must
return
the
loaned
securities
within
the
lesser
of
one
standard
settlement
period
or
five
business
days. 
Although
risk
is
mitigated
by
the
collateral, a
Fund could
experience
a
delay
in
recovering
its
securities
and
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
them.
In
addition,
there
is
a
risk that
the
value
of
the
short-term
investments
will
be
less
than
the
amount
of
cash
collateral
required
to
be
returned
to
the
borrower.
The
Funds’
agreement
with
Citibank
does
not
include
master
netting
provisions.
Non-cash
collateral
received
by
the
Funds
may
not
be
sold
or
repledged,
except
to
satisfy
borrower
default.
The
following
table
(amounts
in
thousands)
is
a
summary
of
the
Funds’
securities
lending
transactions
as
of
December
31,
2023.
Federal
Income
Taxes:
Each
Fund
intends
to
continue
to
qualify
as
a
regulated
investment
company
by
complying
with
the
provisions
available
to
certain
investment
companies,
as
defined
in
applicable
sections
of
the
Internal
Revenue
Code,
and
to
make
distributions
of
net
investment
income
and
net
realized
gains
sufficient
to
relieve
it
from
all,
or
substantially
all,
federal
income
taxes.
Accordingly,
no
provision
for
federal
income
taxes
is
required
in
the
financial
statements.
The
Funds
have
a
tax
year
end
of
June
30.
For
the
six
months
ended
December
31,
2023,
the
Funds
did
not
incur
any
income
tax,
interest,
or
penalties,
and
have
recorded
no
liability
for
net
unrecognized
tax
benefits
relating
to
uncertain
tax
positions.
Management
of
the
Funds
has
reviewed
tax
positions
taken
in
tax
years
that
remain
subject
to
examination
by
all
major
tax
jurisdictions,
including
federal
(i.e.,
the
last
four
tax
years,
which
includes
the
current
fiscal
tax
year
end).
Management
believes
that
there
is
no
tax
liability
resulting
from
unrecognized
tax
benefits
related
to
uncertain
tax
positions
taken.
Allocations:
Expenses
directly
attributable
to a
Fund
are
charged
to that
Fund,
while
expenses
that
are
attributable
to
more
than
one
fund
in
the
Trust,
or
jointly
with
an
affiliated
trust,
are
allocated
among
the
respective
funds
in
the
Trust
and/or
an
affiliated
trust
based
upon
net
assets
or
another
appropriate
basis.
Income,
expenses
(other
than
class-specific
expenses
such
as
transfer
agent
fees,
state
registration
fees,
printing
fees,
and
12b-1
fees),
and
realized
and
unrealized
gains
or
losses
on
investments
are
allocated
to
each
class
of
shares
based
on
its
relative
net
assets
on
the
date
income
is
earned
or
expenses
and
realized
and
unrealized
gains
and
losses
are
incurred.
Redemption
Fees:
The
Funds
do
not
receive
a
redemption
fee.
Prior
to
acquisition,
the
Predecessor
Fund
retained
redemption
fees
of
2.00%
on
redemptions
of
fund
shares
held
for
less
than
30
days.
3.
Purchases
and
Sales:
Purchases
and sales
of
securities
(excluding
securities
maturing
less
than
one
year
from
acquisition)
for
the
six
months
ended
December
31,
2023,
were
as
follows
(amounts
in
thousands):
Value
of
Securities
on
Loan
Non-Cash
Collateral
Cash
Collateral
THB
US
Small
Opportunities
Fund
....................................
$
166
$
—
$
169
Investment
Grade
Convertible
Fund
....................................
12,653
—
13,028
Excluding
U.S.
Government
Securities
U.S.
Government
Securities
Purchases
Sales
Purchases
Sales
Diversified
Stock
Fund
............................................
$
117,842
$
127,157
$
—
$
—
Special
Value
Fund
...............................................
16,457
19,294
—
—
THB
US
Small
Opportunities
Fund
...................................
2,119
4,878
—
—
Strategic
Allocation
Fund
..........................................
429
599
—
—
Fund
for
Income
................................................
—
—
1,998
36,852
Investment
Grade
Convertible
Fund
...................................
44,770
88,052
—
—
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
66
(Unaudited)
4.
Affiliated
Fund
Ownership:
The
Funds
offer
shares
for
investment
by
other
funds,
including
funds
offered
by
VCM
affiliated
fund-of-funds.
The
affiliated
fund-of-funds
do
not
invest
in
the
underlying
funds
for
the
purpose
of
exercising
management
or control;
however,
investments
by
affiliated
fund-of-funds
within
its
principal
investment
strategies
may
represent
a
significant
portion
of
an
underlying
fund’s
assets,
and
together
with
the
investments
of
the
other
affiliated
funds-of-funds,
may
represent
a
substantial
portion
or
even
all
of
an
underlying
fund’s
net
assets.
The
affiliated
fund-of-funds’
annual
and
semi-annual
reports
may
be
viewed
at
vcm.com.
As
of
December
31,
2023,
certain
affiliated fund-of-funds
owned
total
outstanding
shares
of
the
Funds
as
follows:
5.
Fees
and
Transactions
with
Affiliates
and
Related
Parties:
Investment
Advisory
Fees: 
Investment
advisory
services
are
provided
to
the
Funds
by
the
Adviser,
which
is
a
New
York
corporation
registered
as
an
investment
adviser
with
the
SEC.
Under
the
terms
of
the
Investment
Advisory
Agreement,
the
Adviser
is
entitled
to
receive
fees
accrued
daily
and
paid
monthly
at
an
annualized
rate
based
on
a
percentage
of
the
average
daily
net
assets
of
each
Fund. The
rates
at
which
the
Adviser
is
paid
by
each
Fund
are
included
in
the
table
below.
Amounts
incurred
and
paid
to
VCM
for
the
six
months ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Investment
advisory
fees.
Administration
and
Servicing
Fees:
VCM
also
serves
as
the
Funds’
administrator
and
fund
accountant.
Under
the
Administration
and
Fund
Accounting
Agreement,
VCM
is
paid
an
administration
fee
based
on
a
percentage
of
the
average
daily
net
assets
of
the
Trust,
Victory
Variable
Insurance
Funds
and
Victory
Portfolios
II.
The
tiered
rates
at
which
VCM
is
paid
by
the
Funds
are
shown
in
the
table
below:
Amounts
incurred
for
the
six
months
ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Administration
fees.
Citi
Fund
Services
Ohio,
Inc.
(“Citi”),
an
affiliate
of
Citibank,
acts
as
sub-administrator
and
sub-fund
accountant
to
the
Funds
pursuant
to
the
Sub-Administration
and
Sub-Fund
Accounting
Services
Agreement
between
VCM
and
Citi.
VCM
pays
Citi
a
fee
for
providing
these
services.
The Funds
reimburse
VCM
and
Citi
for
out-of-pocket
expenses
incurred
in
providing
these
services
and
certain
other
expenses
specifically
allocated
to
the
Funds.
Amounts
incurred
for
the six
months
ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Sub-
Administration
fees.
The
Funds
(as
part
of
the
Trust)
have
entered
into
an
agreement
with
the
Adviser
to
provide
compliance
services,
pursuant
to
which
the
Adviser
furnishes
its
compliance
personnel,
including
the
services
of
the
Chief
Compliance
Officer
(“CCO”),
and
other
resources
reasonably
necessary
to
provide
the
Trust
with
compliance
oversight
services
related
to
the
design,
administration,
and
oversight
of
a
compliance
program
for
the
Trust
in
accordance
with
Rule
38a-1
under
the
1940
Act.
The
CCO
is
an
employee
of
the
Adviser,
which
pays
the
compensation
of
the
CCO
and
support
staff.
The
funds
in
the
Trust,
Victory
Variable
Insurance
Funds,
Victory
Portfolios
II
and
Victory
Portfolios
III (collectively,
the
“Victory
Funds
Complex”),
in
aggregate,
compensate
the
Adviser
for
these
services.
Amounts
incurred
for
the six
months
ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Compliance
fees.
Investment
Grade
Convertible
Fund
Ownership
%
Victory
Strategic
Allocation
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.5
Adviser
Fee
Tier
Rates
Up
to
$800
million
$800
million
-
$2.4
billion
Over
$2.4
billion
Diversified
Stock
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.65%
0.60%
0.55%
Up
to
$400
million
$400
million
-
$800
million
Over
$800
million
Special
Value
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.75%
0.65%
0.60%
Flat
Rate
THB
US
Small
Opportunity
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.15%
Strategic
Allocation
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.10%
Up
to
$400
million
$400
million
-
$800
million
Over
$800
million
Fund
for
Income
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.50%
0.45%
0.40%
Fund
Investment
Grade
Convertible
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.75%
0.65%
0.60%
Net
Assets
Up
to
$15
billion
$15
billion
—
$30
billion
Over
$30
billion
0.08%,
plus
0.05%,
plus
0.04%
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
67
(Unaudited)
Transfer
Agency
Fees: 
FIS
Investor
Services,
LLC
(“FIS”)
serves
as
the
Funds’
transfer
agent.
Under
the
Transfer
Agent
Agreement,
the
Trust
pays
FIS
a
fee
for
its
services
and
reimburses
FIS
for
all
of
their
reasonable
out-of-pocket
expenses
incurred
in
providing
these
services. 
Amounts
incurred
for
the
six
months ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Transfer
agent
fees.
Victory
Capital
Transfer
Agency,
Inc.,
an
affiliate
of
the
Adviser,
serves
as
sub-transfer
agent
for
the
Member
Class.
Amounts
incurred
for
the
six
months ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Transfer
agent
fees.
Sub-Transfer
Agency
Fees:
The
Funds
have
entered
into
Sub-Transfer
Agency
Agreements
with
financial
intermediaries
that
provide
recordkeeping,
processing,
shareholder
communications
and
other
services
to
customers
of
the
intermediaries
that
hold
positions
in
the
Funds
and
have
agreed
to
compensate
the
intermediaries
for
providing
those
services.
Intermediaries
transact
with
the
Funds
primarily
through
the
use
of
omnibus
accounts
on
behalf
of
their
customers
who
hold
positions
in
the
Funds.
These
services
would
have
been
provided
by
the
Funds’
transfer
agent
and
other
service
providers
if
the
shareholders’
accounts
were
maintained
directly
at
the
Funds’
transfer
agent.
Amounts
incurred
for
the
six
months ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Sub-Transfer
agent
fees.
Distributor/Underwriting
Services:
Victory
Capital
Services,
Inc.
(the
“Distributor”),
an
affiliate
of
the
Adviser,
serves
as
Distributor
for
the
continuous
offering
of
the
shares
of
the
Funds
pursuant
to
a
Distribution
Agreement
between
the
Distributor
and
the
Trust.
Pursuant
to
the
Distribution
and
Service
Plans
adopted
in
accordance
with
Rule
12b-1
under
the
1940
Act,
the
Distributor
may
receive
a
monthly
distribution
and
service
fee
up
to
the
annual
rate
shown
in
the
table
below:
The
distribution
and
service
fees
paid
to
the
Distributor
may
be
used
by
the
Distributor
to
pay
for
activities
primarily
intended
to
result
in
the
sale
of
Class
A,
Class
C,
and
Class
R.
Amounts
incurred
for
the
six
months
ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
12b-1
fees.
In
addition,
the
Distributor
is
entitled
to
receive
commissions
in
connection
with sales
of
the
Class
A.
For
the
six
months
ended
December
31,
2023,
the
Distributor
received
the
following
(amounts
in thousands)
from
commissions
earned
in
connection with
sales
of
Class
A: 
Other
Fees:
Citibank
serves
as
the
Funds’
custodian.
The
Funds
pay
Citibank
a
fee
for
providing
these
services.
Amounts
incurred
for
the six
months
ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Custodian
fees.
Sidley
Austin
LLP
provides
legal
services
to
the
Trust.
The
Adviser
has
entered
into
an
expense
limitation
agreement
with
the
Trust.  Under
the
terms
of
the
agreement,
the
Adviser
has
agreed
to
waive
fees
or
reimburse
the
expenses
to
the
extent
that
ordinary
operating
expenses
incurred
by
certain
classes
of
the
Funds
in
any
fiscal
year
exceed
the
expense
limits
for the
Funds.
Such
excess
amounts
will
be
the
liability
of
the
Adviser.
Acquired
fund
fees
and
expenses,
interest,
taxes,
brokerage
commissions,
other
expenditures which
are
capitalized
in
accordance
with
GAAP,
and
other
extraordinary
expenses
not
incurred
in
the
ordinary
course
of the
Funds’
business
are
excluded
from
the
expense
limits.
As
of
December
31,
2023,
the
expense
limits
(excluding
voluntary
waivers) are
as
follows:
Class
A
Class
C
Class
R
Diversified
Stock
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.25%
1.00%
0.50%
Special
Value
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.25%
1.00%
0.50%
THB
US
Small
Opportunities
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.25%
N/A
N/A
Strategic
Allocation
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.25%
1.00%
0.50%
Fund
for
Income
0.25%
1.00%
0.25%
Investment
Grade
Convertible
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.25%
N/A
N/A
Amount
Diversified
Stock
Fund
.................................................................................
$
1
Special
Value
Fund
....................................................................................
—(a)
Strategic
Allocation
Fund
...............................................................................
—(a)
Fund
for
Income
.....................................................................................
—(a)
Investment
Grade
Convertible
Fund
........................................................................
—(a)
(a)
Rounds
to
less
than
$1
thousand.
In
effect
until
October
31,
2024
Class
A
Class
C
Class
I
Class
R
Class
R6
Class
Y
Member
Class
Diversified
Stock
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
N/A
2.02%
0.83%
N/A
0.78%
0.86%
N/A
Special
Value
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
N/A
2.20%
1.15%
N/A
N/A
1.10%
N/A
THB
US
Small
Opportunities
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.70%
N/A
1.25%
N/A
N/A
N/A
N/A
Strategic
Allocation
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.40%
1.15%
0.15%
0.65%
N/A
N/A
N/A
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
68
(Unaudited)
Under
the
terms
of
the
expense
limitation agreement, the Funds
(except
Strategic
Allocation
Fund)
have
agreed
to
repay
fees
and
expenses
that
were
waived
or
reimbursed
by
the
Adviser
for
a
period
of
up
to
three
years
(thirty-six
(36)
months)
after
the
waiver
or
reimbursement
took
place,
subject
to
the
lesser
of
any
operating
expense
limits
in
effect
at
the
time
of:
(a)
the
original
waiver
or
expense
reimbursement;
or
(b)
the
recoupment,
after
giving
effect
to
the
recoupment
amount.
The
Funds
have
not
recorded
any
amounts
available
to
be
repaid
to
the
Adviser
as
a
commitment
and
contingency
liability
due
to
an
assessment
that
such
repayments
are
not
probable
at
December
31,
2023.
As
of December
31,
2023,
the
Funds
had
no amounts available
to
be
repaid
to
the
Adviser.
As
of December
31,
2023,
the
following amounts
are
available
to
be
repaid
to
the
Adviser
(amounts
in
thousands). 
The
Adviser
may
voluntarily
waive
or
reimburse
additional
fees
to
assist
the
Funds
in
maintaining
competitive
expense
ratios.
Voluntary
waivers
and
reimbursements
applicable
to
the
Funds
are
not
available
to
be
recouped
at
a
future
time.
For
the
six
months ended
December
31,
2023,
the
Adviser
voluntarily
waived
the
following
amounts
(in
thousands):
Certain
officers
and/or
interested
trustees
of
the
Funds
are
also
officers
and/or
employees
of
the
Adviser,
administrator,
fund
accountant,
sub-
administrator,
sub-fund
accountant,
custodian,
legal
counsel, and
Distributor.
6.
Risks:
The
Funds
may
be
subject
to
other
risks
in
addition
to
these
identified
risks.
Convertible
Securities
Risk
—
Convertible
securities
rank
senior
to
the
issuer’s
common
stock,
but
may
be
subordinate
to
senior
debt
obligations.
In
part,
the
total
return
for
a
convertible
security
may
depend
upon
the
performance
of
the
underlying
stock
into
which
it
can
be
converted.
Synthetic
convertibles
may
respond
differently
to
market
fluctuations
than
traditional
convertible
securities.
They
are
also
subject
to
counterparty
risk. 
Equity
Risk
—
The
Funds
may
invest
in
underlying
affiliated
funds
that
invest
in
equity
securities.  The
value
of
the
equity
securities
in
which
the
Funds
invest
may
decline
in
response
to
developments
affecting
individual
companies
and/or
general
economic
conditions
in
the
United
States
or
abroad.
A
company’s
earnings
or
dividends
may
not
increase
as
expected
(or
may
decline)
because
of
poor
management,
competitive
pressures,
reliance
on
particular
suppliers
or
geographical
regions,
labor
problems
or
shortages,
corporate
restructurings,
fraudulent
disclosures,
man-made
or
natural
disasters,
military
confrontations
or
wars,
terrorism,
public
health
crises,
or
other
events,
conditions,
and
factors.
Price
changes
may
be
temporary
or
last
for
extended
periods.
Market
Risk
—
Overall
market
risks
may
affect
the
value
of
the
Funds.
Domestic
and
international
factors
such
as
political
events,
war,
terrorism,
trade
disputes,
inflation
rates,
interest
rate
levels,
and
other
fiscal
and
monetary
policy
changes;
cybersecurity
incidents,
pandemics,
and
other
public
health
crises;
sanctions
against
a
particular
foreign
country,
its
nationals,
businesses,
or
industries;
and
related
geopolitical
events,
as
well
as
environmental
disasters
such
as
earthquakes,
fires,
and
floods,
or
other
catastrophes,
may
add
to
instability
in
global
economies
and
markets
generally,
and
may
lead
to
increased
market
volatility.
Global
economies
and
financial
markets
are
highly
interconnected,
which
increases
the
possibility
that
conditions
in
one
country
or
region
might
adversely
affect
issuers
in
another
country
or
region.
The
impact
of
these
and
other
factors
may
be
short-term
or
may
last
for
extended
periods.
Investment Company
Risk
— 
The
Funds'
ability
to
achieve
its
investment
objective
may
be
directly
related
to
the
ability
of
the
Underlying
Funds
(including
ETFs)
held
by
the
Funds
to
meet
their
investment
objectives.
In
addition,
shareholders
of
the
Funds
will
indirectly
bear
the
fees
and
expenses
of
the
underlying
investment
companies.
Lack
of
liquidity
in
an
ETF
could
result
in
an
ETF
being
more
volatile
than
the
underlying
portfolio
of
securities.
In
effect
until
October
31,
2024
Class
A
Class
C
Class
I
Class
R
Class
R6
Class
Y
Member
Class
Fund
for
Income
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.91%
1.71%
0.64%
0.91%
0.63%
0.71%
0.75%
Investment
Grade
Convertible
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.39%
N/A
N/A
N/A
N/A
N/A
1.10%
Expires
2024
Expires
2025
Expires
2026
Expires
2027
Total
Diversified
Stock
Fund
.....................................
$
22
$
21
$
40
$
26
$
109
Special
Value
Fund
........................................
19
14
30
19
82
THB
US
Small
Opportunities
Fund
............................
13
109
125
54
301
Fund
for
Income
.........................................
180
155
251
164
750
Investment
Grade
Convertible
Fund
............................
21
15
10
9
55
Amount
Special
Value
Fund
....................................................................................
$
21
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
69
(Unaudited)
Large-Capitalization
Stock
Risk
—
Large-sized
companies
tend
to
compete
in
mature
product
markets
and
do
not
typically
experience
the
level
of
sustained
growth
of
smaller
companies
and
companies
competing
in
less
mature
product
markets.
Large-sized
companies
may
be
unable
to
respond
as
quickly
as
smaller
companies
to
competitive
challenges
or
changes
in
business,
product,
financial,
or
other
market
conditions.
For
these
and
other
reasons,
investments
in
large-capitalization
companies
may
underperform
other
stock
funds
such
as
funds
that
focus
on
the
stocks
of
small-
and
medium-sized
companies.
Micro-Capitalization
Stock
Risk
—
The
earnings
and
prospects
of
micro-sized
companies
are
more
volatile
than
larger
companies
and
may
experience
higher
failure
rates
than
larger
companies.
Micro-sized
companies
normally
have
a
lower
trading
volume
than
larger
companies,
which
may
tend
to
make
their
market
prices
fall
more
disproportionately
than
larger
companies
in
response
to
selling
pressures
and
may
have
limited
markets,
product
lines,
or
financial
resources
and
lack
management
experience.
Short-term
trading
based
on
social
media
generally
increases
volatility
of
micro-cap
or
thinly
traded
securities
without
regard
to
fundamental
value
or
financial
results
of
the
issuer
of
those
securities.
The
Funds’
net
asset
value
may
be
subject
to
volatility
or
losses
to
the
extent
that
investors
engage
in
frequent
on-line
trading
of
stocks
to
the
detriment
of
the
Funds’
portfolio
holdings.
Debt
Securities
and
Interest
Rate
Risk
—
The
Fund
for
Income
and
the
Investment
Grade
Convertible
Bond
Fund
are
subject
to
debt
securities
and
interest
rate
risk.
The
value
of
a
debt
security
or
other
income-producing
security
changes
in
response
to
various
factors
including,
for
example,
market-related
factors
(such
as
changes
in
interest
rates
or
changes
in
the
risk
appetite
of
investors
generally)
and
changes
in
the
actual
or
perceived
ability
of
the
issuer
(or
of
issuers
generally)
to
meet
its
(or
their)
obligations.
Interest
rates
may
rise
or
the
rate
of
inflation
may
increase,
impacting
the
value
of
investments
in
fixed
income
securities.
A
debt
issuer’s
credit
quality
may
be
downgraded
or
an
issuer
may
default.
Interest
rates
may
fluctuate
due
to
changes
in
governmental
fiscal
policy
initiatives
and
resulting
market
reaction
to
those
initiatives. 
High-Yield/Junk
Bond
Risk
—
Lower-quality
debt
securities
can
involve
a
substantially
greater
risk
of
default
than
higher
quality
debt
securities,
and
their
values
can
decline
significantly
over
short
and
longer
periods
of
time.
Lower-quality
debt
securities
tend
to
be
more
sensitive
to
adverse
news
about
the
issuer,
or
the
market
or
economy
in
general.
Prepayment
Risk
— During
periods
of
falling
interest
rates,
mortgage
and
asset-backed
securities,
which
typically
provide
the
issuer
with
the
right
to
call
or
prepay
the
security
prior
to
maturity,
may
be
called
or
prepaid,
which
may
result
in
the
Funds
having
to
reinvest
the
proceeds
in
other
investments
at
a
lower
interest
rate.
As
a
result,
mortgage
and
asset-backed
securities
may
have
less
potential
for
capital
appreciation
during
periods
of
declining
interest
rates
than
other
securities
of
comparable
maturities,
although
they
may
have
a
similar
risk
of
decline
in
market
values
during
periods
of
rising
interest
rates.
Prepayment
rates
are
difficult
to
predict
and
the
potential
impact
of
prepayments
on
the
value
of
a
mortgage-
or
asset-backed
security
depends
on
the
terms
of
the
instrument
and
can
result
in
significant
volatility.
Interest
rate
levels
and
other
factors
may
affect
the
frequency
of
mortgage
prepayments,
which
in
turn
can
affect
the
average
life
of
a
pool
of
mortgage-related
securities.
In
periods
of
rising
interest
rates,
the
prepayment
rate
tends
to
decrease,
lengthening
the
average
life
of
a
pool
of
mortgage-related
securities.
In
periods
of
falling
interest
rates,
the
prepayment
rate
tends
to
increase,
shortening
the
average
life
of
a
pool
of
mortgage-related
securities.
7.
Borrowing
and
Interfund
Lending:
Line
of
Credit:
The
Victory
Funds
Complex
participates
in
a
short-term
demand
note
“Line
of
Credit”
agreement
with
Citibank.
Under
the
agreement
with
Citibank,
the
Victory
Funds
Complex
may
borrow
up
to
$600
million,
of
which
$300
million
is
committed
and
$300
million
is
uncommitted.
$40
million
of
the
Line
of
Credit
is
reserved
for
use
by
the
Victory
Floating
Rate
Fund,
another
series
of
the
Victory
Funds
Complex,
with
Victory
Floating
Rate
Fund
paying
the
related
commitment
fees
for
that
amount.
The
purpose
of
the
Line
of
Credit
is
to
meet
temporary
or
emergency
cash
needs.
For
the six
months
ended
December
31,
2023,
Citibank
received
an
annual
commitment
fee
of
0.15%
on
$300
million
for
providing
the
Line
of
Credit.
Each
Fund
in
the
Victory
Funds
Complex
paid
a
pro-rata
portion
of
the
commitment
fees
plus
any
interest
on
amounts
borrowed.
Interest
is
based
on
the
one-month Secured
Overnight
Financing
Rate
(SOFR)
plus
1.10
percent.
Effective
June
27,
2023,
the
agreement
was
renewed
with
a
termination
date
of
June
24,
2024,
and
the
annual
commitment
fee
of
0.15%
remained
unchanged. Interest
charged
to each
Fund during
the
period,
if
applicable,
is
reflected
on
the
Statements
of
Operations
under
Line
of
credit
fees.
The
Funds
had
no
borrowings
under the
Line
of
Credit
agreement
during
the
six
months
ended
December
31,
2023.
Interfund
Lending:
The
Trust
and
the
Adviser
rely
on
an
exemptive
order
granted
by
the
SEC
in
March
2017
(the
“Order”),
permitting
the
establishment
and
operation
of
an
Interfund
Lending
Facility
(the
“Facility”).
The
Facility
allows
each
Fund
to
directly
lend
and
borrow
money
to
or
from
any
other
fund
in
the
Victory
Funds
Complex
that
is
permitted
to
participate
in
the
Facility,
relying
upon
the
Order
at
rates
beneficial
to
both
the
borrowing
and
lending
funds.
Advances
under
the
Facility
are
allowed
for
temporary
or
emergency
purposes,
including
the
meeting
of
redemption
requests
that
otherwise
might
require
the
untimely
disposition
of
securities,
and
are
subject
to
each
Fund’s
borrowing
restrictions.
The
interfund
loan
rate
is
determined,
as
specified
in
the
Order,
by
averaging
the
current
repurchase
agreement
rate
and
the
current
bank
loan
rate.
As
a
Borrower
(as
defined
in
the
Order),
interest
charged
to
each
Fund,
if
any,
during
the
period,
is
reflected
on
the
Statements
of
Operations
under
Interfund
lending
fees.
As
a
Lender
(as
defined
in
the
Order),
interest
earned
by
each
Fund,
if
any,
during
the
period,
is
reflected
on
the
Statements
of
Operations
under
Interfund
lending.
The
Funds
did
not
utilize
or
participate
in
the
Facility
during
the
six
months
ended
December
31,
2023.
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
70
(Unaudited)
8.
Federal
Income
Tax
Information:
Dividends
from
net
investment
income,
if
any,
are
declared
and
paid
as
noted
in
the
table
below.
Distributable
net
realized
gains,
if
any,
are
declared
and
distributed
at
least
annually
from
each
Fund. 
The
amounts
of
dividends
from
net
investment
income
and
distributions
from
net
realized
gains
(collectively,
distributions
to
shareholders)
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
To
the
extent
these
“book/tax”
differences
are
permanent
in
nature
(e.g.,
net
operating
loss
and
distribution
reclassification),
such
amounts
are
reclassified
within
the
components
of
net
assets
based
on
their
federal
tax-basis
treatment;
temporary
differences
(e.g.,
wash
sales)
do
not
require
reclassification.
To
the
extent
dividends
and
distributions
exceed
net
investment
income
and
net
realized
gains
for
tax
purposes,
they
are
reported
as
distributions
of
capital.
Net
investment
losses
incurred
by
the
Funds
may
be
reclassified
as
an
offset
to
capital
on
the
accompanying
Statements
of
Assets
and
Liabilities.
The
tax
character
of
current
year
distributions
paid
and
the
tax
basis
of
the
current
components
of
accumulated
earnings
(loss)
will
be
determined
at
the
end
of
the
current
tax
year.
As
of
the
tax
year
ended June
30,
2023,
the
Funds
had
net
capital
loss
carryforwards as shown
in
the
table
below.
It
is
unlikely
that
the
Board
will
authorize
a
distribution
of
capital
gains
realized
in
the
future
until
the
capital
loss
carryforwards
have
been
used
(amounts
in
thousands).
9.
Affiliated
Securities:
An
affiliated
security
is
a
security
in
which
a
Fund
has
ownership
of
at
least
5%
of
the
security’s
outstanding
voting
shares, an
investment
company
managed
by
VCM,
or
an
issuer
under
common
control
with
a
Fund
or
VCM.
The
Funds
do
not
invest
in
affiliated securities
for
the
purpose
of
exercising
management
or
control.  These
securities
are
noted
as
affiliated
on a
Fund’s
Schedule
of
Portfolio
Investments.
The
financial
statements
of
the
underlying
funds
can
be
found
in
shareholder
reports
filed
with
the
SEC
by
each
such
underlying
fund
semi-annually
on
Form
N-CSR
and
are
available
for
download
from
both
the
SEC’s
as
well
as
each
respective
underlying
fund’s
website.
Transactions
in
affiliated
securities
during
the
six
months
ended
December
31,
2023,
were
as
follows
(amounts
in
thousands):
Declared
Paid
Diversified
Stock
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Quarterly
Quarterly
Special
Value
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Annually
Annually
THB
US
Small
Opportunities
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Quarterly
Quarterly
Strategic
Allocation
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Quarterly
Quarterly
Fund
for
Income
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Monthly
Monthly
Investment
Grade
Convertible
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Quarterly
Quarterly
Short-Term
Amount
Long-Term
Amount
Total
Fund
for
Income
......................................................
$
(133,680)
$
(263,333)
$
(397,013)
Investment
Grade
Convertible
Fund
.........................................
(4,852)
(13,536)
(18,388)
Fair
Value
6/30/2023
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
12/31/2023
Dividend
Income
Strategic
Allocation
Fund
Victory
Global
Energy
Transition
Fund,
Class
Y
..............
$
1,552
$
32
$
(187)
$
38
$
—
$
(214)
$
1,221
$
32
Victory
Integrity
Discovery
Fund,
Class
Y
..................
810
12
—
—
8
100
922
4
Victory
Investment
Grade
Convertible
Fund,
Class
I
.....
1,421
20
—
—
—
38
1,479
20
Victory
RS
Global
Fund,
Class
Y
..
7,224
81
(336)
119
—
396
7,484
81
Victory
RS
Partners
Fund,
Class
Y
.
866
48
—
—
22
27
941
27
Victory
Sophus
Emerging
Markets
Fund,
Class
R6
.............
2,394
65
—
—
—
2
2,461
64
Victory
Total
Return
Bond
Fund,
Class
R6
.................
7,766
142
—
—
—
89
7,997
141
Victory
Trivalent
International
Small-Cap
Fund,
Class
I
......
1,520
29
—
—
—
45
1,594
30
VictoryShares
US
Multi-Factor
Minimum
Volatility
ETF
......
1,689
—
(76)
28
—
27
1,668
16
$
25,242
$
429
$
(599)
$
185
$
30
$
510
$
25,767
$
415
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
71
(Unaudited)
10.
New
Regulatory
Pronouncement:
In
October
2022,
the
SEC
adopted
the
Tailored
Shareholder
Reports
Rule
and
form
amendments
that
require,
among
other
things,
mutual
funds
and
ETFs
to
prepare
and
transmit
streamlined
annual
and
semi-annual
shareholder
reports.
In
connection
with
these
amendments,
certain
information
that
was
previously
disclosed
in
shareholder
reports
will
instead
be
made
available
online,
delivered
free
of
charge
upon
request,
and
filed
with
the
SEC
on
a
semi-annual
basis.
Also
in
connection
with
these
amendments,
annual
and
semi-annual
reports
will
be
provided
directly
to
shareholders,
either
in
paper
or
(if
the
shareholder
has
so
elected)
electronically.
Compliance
with
the
rule
and
form
amendments
begins
in
July
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Funds.
11.
Subsequent
Event:
On
December
5,
2023,
the
Board
approved
a
Plan
of
Liquidation
for
the
Special
Value
Fund’s
Class
Y
(the
“Share
Class”).
It
is
anticipated
that
the
Share
Class
will
liquidate
on
or
about
March
29,
2024.
On
this
date,
the
Share
Class
will
redeem
all
its
outstanding
shares
at
the
NAV
of
such
shares.
On
December
5,
2023,
the
Board
approved
the
adoption
of
a
conversion
feature
for
Class
R
of
the
Strategic
Allocation
Fund.
Under
the
relevant
conversion
feature,
effective
after
the
close
of
business
on
March
28,
2024,
all
of
the
issued
and
outstanding
shares
of
Class
R
will
be
converted
into
shares
of
Class
A
of
the
Fund.
The
share
class
conversion
will
be
effectuated
on
the
basis
of
the
relative
NAV
of
the
share
class
without
the
imposition
of
a
sales
charge.
Based
on
the
financial
information
for
the
Fund’s
fiscal
year
ended
June
30,
2023,
Class
A
has
lower
gross
and
net
total
expense
ratios
than
Class
R.
Supplemental
Information
December
31,
2023
Victory
Portfolios
72
(Unaudited)
Proxy
Voting
and
Portfolio
Holdings
Information 
Proxy
Voting:
Information
regarding
each
Fund’s
policies
and
procedures
—
which
describes
how
we
vote
proxies
relating
to
portfolio
securities
—
is
included
in
the
Funds'
Statement
of
Additional
Information
on
our
website
or
upon
request
by
calling
800-539-3863
(800-235-8396
for
Member
Class). Each
Fund
files
its
proxy
voting
record
with
the
U.S.
Securities
and
Exchange
Commission
(SEC)
for
the
12
months
ended
June
30
by
August
31.
The
proxy
voting
record
is
available
free
of
charge
on
the
SEC
website
at sec.gov and
on
our
website.
Availability
of
Schedules
of
Portfolio
Investments:
The
Trust
files
a
complete
list
of
Schedules
of
Portfolio
Investments
with
the
SEC
for
the
first
and
third
quarter
of
each
fiscal
year
on
Form
N-PORT-P
and are
available
on
the
SEC’s
website
at
sec.gov.
Expense
Examples
As
a
shareholder
of
the
Fund,
you
may
incur
two
types
of
costs:
(1)
transaction
costs, including
sales
charges
(loads)
on
purchases;
 and
(2)
ongoing
costs,
including
management
fees
and
other
Fund
expenses.
These
examples
are
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
These
examples
are
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
from
July
1,
2023,
through
December
31,
2023.
The
Actual
Expense
figures
in
the
table
below
provide
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
below,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
table
under
the
heading
entitled
“Actual
Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
The
Hypothetical
Expense
figures
in
the
table
below
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds.
Please
note
the
expenses
shown
in
the
table
below
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs.
Therefore,
the
hypothetical
expenses
in
the
table
are
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Beginning
Account
Value
7/1/23
Actual
Ending
Account
Value
12/31/23
Hypothetical
Ending
Account
Value
12/31/23
Actual
Expenses
Paid
During
Period
7/1/23
-
12/31/23*
Hypothetical
Expenses
Paid
During
Period
7/1/23
-
12/31/23*
Annualized
Expense
Ratio
During
Period
7/1/23
-
12/31/23
Diversified
Stock
Fund
Class
A
...............................
$
1,000.00
$
1,062.00
$
1,019.76
$
5.55
$
5.43
1.07%
Class
C
...............................
1,000.00
1,056.70
1,014.98
10.44
10.23
2.02%
Class
I
................................
1,000.00
1,063.20
1,020.96
4.30
4.22
0.83%
Class
R
...............................
1,000.00
1,059.80
1,018.25
7.09
6.95
1.37%
Class
R6
..............................
1,000.00
1,063.10
1,021.22
4.05
3.96
0.78%
Class
Y
...............................
1,000.00
1,062.40
1,020.81
4.46
4.37
0.86%
Special
Value
Fund
Class
A
...............................
1,000.00
1,060.40
1,018.60
6.73
6.60
1.30%
Class
C
...............................
1,000.00
1,056.10
1,014.58
10.85
10.63
2.10%
Class
I
................................
1,000.00
1,061.90
1,019.86
5.44
5.33
1.05%
Class
R
...............................
1,000.00
1,058.60
1,017.09
8.28
8.11
1.60%
Class
Y
...............................
1,000.00
1,062.00
1,020.11
5.18
5.08
1.00%
THB
US
Small
Opportunities
Fund
Class
A
...............................
1,000.00
1,032.50
1,016.59
8.69
8.62
1.70%
Class
I
................................
1,000.00
1,034.10
1,018.85
6.39
6.34
1.25%
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
73
(Unaudited)
Beginning
Account
Value
7/1/23
Actual
Ending
Account
Value
12/31/23
Hypothetical
Ending
Account
Value
12/31/23
Actual
Expenses
Paid
During
Period
7/1/23
-
12/31/23*
Hypothetical
Expenses
Paid
During
Period
7/1/23
-
12/31/23*
Annualized
Expense
Ratio
During
Period
7/1/23
-
12/31/23
Strategic
Allocation
Fund
Class
A
...............................
1,000.00
1,044.30
1,023.13
2.06
2.03
0.40%
Class
C
...............................
1,000.00
1,039.70
1,019.36
5.90
5.84
1.15%
Class
I
................................
1,000.00
1,045.40
1,024.38
0.77
0.76
0.15%
Class
R
...............................
1,000.00
1,042.60
1,021.87
3.34
3.30
0.65%
Fund
for
Income
Class
A
...............................
1,000.00
1,027.50
1,020.56
4.64
4.62
0.91%
Class
C
...............................
1,000.00
1,022.20
1,016.54
8.69
8.67
1.71%
Class
I
................................
1,000.00
1,027.40
1,021.92
3.26
3.25
0.64%
Class
R
...............................
1,000.00
1,027.50
1,020.56
4.64
4.62
0.91%
Class
R6
..............................
1,000.00
1,029.00
1,021.97
3.21
3.20
0.63%
Class
Y
...............................
1,000.00
1,028.50
1,021.57
3.62
3.61
0.71%
Member
Class
..........................
1,000.00
1,028.20
1,021.37
3.82
3.81
0.75%
Investment
Grade
Convertible
Fund
Class
A
...............................
1,000.00
1,039.50
1,018.90
6.36
6.29
1.24%
Class
I
................................
1,000.00
1,041.20
1,020.36
4.87
4.82
0.95%
Member
Class
..........................
1,000.00
1,040.50
1,019.61
5.64
5.58
1.10%
*
Expenses
are
equal
to
the
average
account
value
multiplied
by
the
Fund’s
annualized
expense
ratio
multiplied
by
184/366
(the
number
of
days
in
the
most
recent
fiscal
half-year
divided
by
the
number
of
days
in
the
fiscal
year).
Victory
Portfolios
74
(Unaudited)
Supplemental
Information
—
continued
December
31,
2023
Considerations
of
the
Board
in
Continuing
the
Investment
Advisory
Agreement (the
“Agreement”)
The
Board
approved
the
Agreement
on
behalf
of
each
of
the
Funds
at
a
meeting,
which
was
called
for
that
purpose,
on
December
5,
2023.
The
Board
also
considered
information
relating
to
the
Funds
and
the
Agreement
provided
throughout
the
year
and,
more
specifically,
at
the
meetings
on
October
17,
2023
and
December
5,
2023.
In
considering
whether
to
approve
the
Agreement,
the
Board
requested
from
the
Adviser
certain
information
concerning
the
Funds
to
assist
it
in
evaluating
the
terms
of
the
Agreement.
In
response
to
the
request
from
the
Independent
Trustees,
the
Adviser
provided
information
and
reports
relevant
to
the
continuation
of
the
Agreement.
The
Board,
including
the
Independent
Trustees,
evaluated
this
information
along
with
other
information
obtained
throughout
the
year
and
was
advised
by
legal
counsel
to
the
Funds
and
independent
legal
counsel
to
the
Independent
Trustees.
The
Board
considered
each
Fund’s
advisory
fee,
expense
ratio
and
investment
performance
as
significant
factors
in
determining
whether
the
Agreement
should
be
continued.
In
considering
whether
the
compensation
paid
to
the
Adviser
was
fair
and
reasonable,
the
Board
also
evaluated,
among
other
things,
the
following
factors:
The
requirements
of
the
Funds
for
the
services
provided
by
the
Adviser;
The
nature,
quality
and
extent
of
the
services
provided
and
expected
to
be
provided;
The
performance
of
the
Funds
as
compared
to
comparable
funds;
The
fees
payable
for
the
services
and
whether
the
fee
arrangements
provided
for
economies
of
scale
that
would
benefit
Fund
shareholders
as
the
Funds
grow
(acknowledging
that
economies
of
scale
can
be
complex
to
assess
and
typically
are
not
directly
measurable)
and
whether
additions
of
or
revisions
to
breakpoints
would
be
appropriate;
Whether
the
fee
would
be
sufficient
to
enable
the
Adviser
to
attract
and
retain
experienced
personnel
and
continue
to
provide
quality
services
to
the
Funds;
The
fees
paid
by
other
clients
of
the
Adviser
whose
accounts
are
managed
in
a
similar
investment
style
and
any
differences
in
the
services
provided
to
the
other
clients
compared
to
those
provided
to
the
Funds;
The
total
expenses
of
each
Fund;
Management’s
commitment
to
operating
the
Funds
at
competitive
expense
levels;
The
profitability
of
the
Adviser
(as
reflected
by
comparing
fees
earned
against
an
estimate
of
the
Adviser’s
costs)
with
respect
to
the
Adviser’s
relationship
with
the
Funds;
Research
and
other
service
benefits
received
by
the
Adviser
obtained
through
payment
of
client
commissions
for
securities
transactions;
Other
indirect
benefits
received
by
the
Adviser,
and
its
affiliates,
including
revenues
paid
to
the
Adviser,
or
its
affiliates,
by
the
Funds
for
ad-
ministration
and
fund
accounting
services,
and
distribution;
The
capabilities
and
financial
condition
of
the
Adviser;
Current
economic
and
industry
trends;
and
The
historical
relationship
between
each
Fund
and
the
Adviser.
The
Board
reviewed
each
Fund’s
current
management
fee,
comprised
of
the
advisory
fee
plus
the
administrative
services
fee
paid
to
the
Adviser,
in
the
context
of
the
Adviser’s
business
and
services
with
respect
to
each
Fund
individually
and
with
respect
to
all
the
funds
as
a
whole.
The
Board
retained
an
independent,
third-party
consultant
to
provide
comparative
information
about
fees,
expenses
and
performance,
and
to
design
and
maintain
a
database
of
relevant
information
designed
to
assist
the
Board
in
retrieving
and
analyzing
comparative
information.
The
Board
met
with
the
consultant
to
review
its
inputs
and
methodologies,
among
other
things.
The
Board
compared
each
Fund’s
gross
management
fees
and
total
operating
expense
ratio
on
a
net
and
gross
basis
with
the
median
gross
management
fee
and
median
expense
ratio
of
a
universe
of
comparable
mutual
funds
compiled
by
the
consultant
and
a
peer
group
of
funds
with
similar
investment
strategies
selected
by
that
consultant
from
the
universe.
The
Board
reviewed
the
factors
and
methodology
used
by
the
consultant
in
the
selection
of
each
Fund’s
peer
group,
including
the
consultant’s
selection
of
a
broad
universe
of
funds,
the
more
specific
universe
of
comparable
funds,
and
peer
groups
of
funds
with
comparable
investment
strategies
and
asset
levels,
among
other
factors.
The
Board
also
reviewed
any
changes
to
the
consultant’s
methodology
as
compared
to
the
prior
year,
including
those
resulting
from
the
Adviser’s
input,
if
any.
With
respect
to
certain
Funds,
the
Board
also
reviewed
fees
and
other
information
related
to
the
Adviser’s
management
of
similarly
managed
institutional
or
private
accounts,
and
the
differences
in
the
services
provided
to
these
other
accounts.
The
Board
also
noted
that
the
breakpoints
in
the
advisory
fee
schedule
for
some
of
the
Funds
evidenced
one
way
in
which
the
Adviser
has
shown
a
willingness
to
share
in
its
economies
of
scale.
For
Funds
with
total
net
expense
ratios
that
ranked
within
the
fourth
quartile
(most
expensive)
in
relation
to
their
peers
as
evaluated
by
a
consultant,
the
Board
requested,
and
the
Adviser
provided,
supplemental
information
about
the
level
of
fees
and
the
nature
of
the
services
provided.
The
Adviser
reviewed
additional
relevant
circumstances,
which
included,
among
other
things,
specialized
strategies,
small
or
decreasing
assets,
or
rapid
or
recent
changes
in
peer
expense
ratios.
The
Board
also
reviewed
the
compliance
and
administrative
services
provided
to
the
Funds
by
the
Adviser
and
its
affiliates,
including
the
Adviser’s
oversight
of
the
Funds’
day-to-day
operations
and
oversight
of
Fund
accounting,
assistance
in
meeting
legal
and
regulatory
requirements,
and
other
services
necessary
for
the
operation
of
the
Funds
and
the
Trust.
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
75
(Unaudited)
The
Board
found
that
the
gross
annual
management
fee
paid
by
each
Fund
was
within
the
range
of
management
fees
paid
by
each
Fund’s
respective
peer
group.
The
Board
noted
that,
except
for
the
Strategic
Allocation
Fund,
each
Fund’s
advisory
fee
structure
contained
at
least
one
breakpoint.
The
Board
also
noted
that
the
Adviser
contractually
agreed
to
waive
the
advisory
fee
payable
by
the
Strategic
Allocation
Fund
through
October
31,
2023,
and
that
any
advisory
fees
charged
under
the
Agreement
are
based
on
services
provided
that
will
be
in
addition
to,
rather
than
duplicative
of,
the
services
provided
under
the
advisory
contract
of
any
fund
in
which
the
Strategic
Allocation
Fund
invests.
The
Board
also
found
that
each
Fund’s
Class
A
net
annual
expense
ratio,
taking
into
account
any
shareholder
servicing
or
distribution
fees,
was
reasonable
as
compared
with
each
Fund’s
respective
peer
group.
The
Board
considered
the
Adviser’s
contractual
agreement
with
each
Fund
to
waive
its
fees
and
reimburse
expenses
of
certain
classes
for
a
specified
period
of
time,
as
described
in
the
Fund’s
prospectus.
The
Board
reviewed
each
Fund’s
performance
over
one-,
three-,
five-
and
ten-year
periods
(as
applicable)
against
the
performance
of
the
Fund’s
selected
peer
group
and
benchmark
index.
The
Board
recognized
that
the
performance
of
the
Funds
and
the
peer
group
funds
are
net
of
expenses,
while
the
performance
of
the
benchmark
index
reflects
gross
returns.
The
Board
reviewed
various
other
specific
factors
with
respect
to
each
Fund,
as
described
below.
In
their
deliberations,
the
Trustees
did
not
rank
the
importance
of
any
particular
information
or
factor
considered
and
each
Trustee
may
have
attributed
different
weights
to
various
factors.
Diversified
Stock
Fund:
The
Board
compared
the
Fund’s
Class
A
performance
for
the
one-,
three-,
five-
and
ten-year
periods
ended
June
30,
2023,
to
that
of
the
median
performance
of
the
Fund’s
peer
group
and
benchmark
index
for
the
same
periods
and
considered
the
fact
that
the
Fund
outperformed
the
benchmark
index
for
the
one-
and
three-year
periods,
underperformed
the
benchmark
index
for
the
five-
and
ten-year
periods,
outperformed
the
peer
group
median
for
the
one-,
three-
and
five-year
periods,
and
underperformed
the
peer
group
median
for
the
ten-year
period.
The
Board
noted
that
the
Fund’s
portfolio
management
team
changed
in
May
2017.
Having
considered,
among
other
things:
(1) the
Fund’s
management
fee
compared
to
comparable
mutual
funds;
(2)
the
Fund’s
total
expense
ratio
compared
to
comparable
mutual
funds;
(3)
that
the
Adviser’s
willingness
to
limit
the
expenses
of
certain
classes
for
a
period
of
time
would
provide
stability
to
the
Fund’s
expenses
for
those
share
classes
during
that
period;
and
(4)
the
Fund’s
performance
during
the
periods
reviewed,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
Special
Value
Fund:
The
Board
compared
the
Fund’s
Class
A
performance
for
the
one-,
three-,
five-
and
ten-year
periods
ended
June
30,
2023,
to
that
of
the
median
performance
of
the
Fund’s
peer
group
and
benchmark
index
for
the
same
periods
and
considered
the
fact
that
the
Fund
outperformed
the
benchmark
index
for
the
one-
and
three-year
periods,
underperformed
the
benchmark
index
for
the
five-
and
ten-year
periods,
outperformed
the
peer
median
group
for
the
one-,
three-,
and
five-year
periods,
and
matched
the
peer
group
median
for
the
ten-year
period.
The
Board
noted
that
the
Fund’s
portfolio
management
team
changed
in
May
2017.
Having
considered,
among
other
things:
(1) the
Fund’s
management
fee
compared
to
comparable
mutual
funds;
(2)
the
Fund’s
total
expense
ratio
compared
to
comparable
mutual
funds;
(3)
that
the
Adviser’s
willingness
to
limit
the
expenses
of
certain
classes
for
a
period
of
time
would
provide
stability
to
the
Fund’s
expenses
for
those
share
classes
during
that
period;
and
(4)
the
Fund’s
performance
during
the
periods
reviewed,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
THB
US
Small
Opportunities
Fund:
The
Board
compared
the
Fund’s
Class
A
performance
for
the
one-,
three-,
five-
and
ten-year
periods
ended
June
30,
2023,
to
that
of
the
median
performance
of
the
Fund’s
peer
group
and
benchmark
index
for
the
same
periods
and
considered
the
fact
that
the
Fund
outperformed
the
benchmark
index
for
all
of
the
periods
reviewed,
outperformed
the
peer
group
median
for
one-
and
three-year
periods,
matched
the
peer
group
median
for
the
five-year
period,
and
underperformed
the
peer
group
median
for
the
ten-year
period.
Having
considered,
among
other
things:
(1) the
Fund’s
management
fee
compared
to
comparable
mutual
funds;
(2)
the
Fund’s
total
expense
ratio
compared
to
comparable
mutual
funds;
(3)
that
the
Adviser’s
willingness
to
limit
the
expenses
of
certain
classes
for
a
period
of
time
would
provide
stability
to
the
Fund’s
expenses
for
those
share
classes
during
that
period;
and
(4)
the
Fund’s
performance
during
the
periods
reviewed,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
Strategic
Allocation
Fund:
The
Board
compared
the
Fund’s
Class
A
performance
for
the
one-,
three-,
five-
and
ten-year
periods
ended
June
30,
2023,
to
that
of
the
median
performance
of
the
Fund’s
peer
group
and
benchmark
index
for
the
same
periods
and
considered
the
fact
that
the
Fund
underperformed
the
benchmark
index
for
all
of
the
periods
reviewed,
and
outperformed
the
peer
group
median
for
all
of
the
periods
reviewed.
The
Board
noted
that
the
Fund
changed
its
investment
strategy
and
its
benchmark
index
in
December
2015.
Having
considered,
among
other
things:
(1) the
Fund’s
management
fee
compared
to
comparable
mutual
funds;
(2)
the
Fund’s
total
expense
ratio
compared
to
comparable
mutual
funds;
(3)
that
the
Adviser’s
willingness
to
limit
the
expenses
of
certain
classes
for
a
period
of
time
would
provide
stability
to
the
Fund’s
expenses
for
those
share
classes
during
that
period;
and
(4)
the
Fund’s
performance
during
the
periods
reviewed,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
76
(Unaudited)
Fund
for
Income:
The
Board
compared
the
Fund’s
Class
A
performance
for
the
one-,
three-,
five-
and
ten-year
periods
ended
June
30,
2023,
to
that
of
the
median
performance
of
the
Fund’s
peer
group
and
benchmark
index
for
the
same
periods
and
considered
the
fact
that
the
Fund
underperformed
the
benchmark
index
for
all
of
the
periods
reviewed,
outperformed
the
peer
group
median
for
the
one-,
five-
and
ten-year
periods,
and
underperformed
the
peer
group
median
for
the
three-year
period.
Having
considered,
among
other
things:
(1) the
Fund’s
management
fee
compared
to
comparable
mutual
funds;
(2)
the
Fund’s
total
expense
ratio
compared
to
comparable
mutual
funds;
(3)
that
the
Adviser’s
willingness
to
limit
the
expenses
of
certain
classes
for
a
period
of
time
would
provide
stability
to
the
Fund’s
expenses
for
those
share
classes
during
that
period;
and
(4)
the
Fund’s
performance
during
the
periods
reviewed,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
Investment
Grade
Convertible
Fund:
The
Board
compared
the
Fund’s
Class
A
performance
for
the
one-,
three-,
five-
and
ten-year
periods
ended
June
30,
2023,
to
that
of
the
median
performance
of
the
Fund’s
peer
group
and
benchmark
index
for
the
same
periods
and
considered
the
fact
that
the
Fund
outperformed
the
benchmark
index
for
the
one-year
period,
underperformed
the
benchmark
index
for
the
three-,
five-
and
ten-year
periods,
underperformed
the
peer
group
median
for
the
one-,
five-
and
ten-year
periods,
and
matched
the
peer
group
median
for
the
three-year
period.
The
Board
discussed
with
the
Adviser
how
market
conditions
affected
the
Fund
during
periods
of
underperformance
given
the
Fund’s
investment
strategy
and
fee
and
expense
profile.
Having
considered,
among
other
things:
(1) the
Fund’s
management
fee
compared
to
comparable
mutual
funds;
(2)
the
Fund’s
total
expense
ratio
compared
to
comparable
mutual
funds;
(3)
that
the
Adviser’s
willingness
to
limit
the
expenses
of
certain
classes
for
a
period
of
time
would
provide
stability
to
the
Fund’s
expenses
for
those
share
classes
during
that
period;
and
(4)
the
Fund’s
performance
during
the
periods
reviewed,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
Conclusion:
Based
on
its
review
of
the
information
requested
and
provided,
and
following
extended
discussions,
the
Board
determined
that:
(i)
the
Adviser’s
services
benefitted
the
Funds’
shareholders,
particularly
in
light
of
the
nature
of
the
Funds
and
the
services
required
to
support
the
Funds;
(ii)
it
was
generally
satisfied
with
the
nature,
quality
and
extent
of
the
services
provide
by
the
Adviser
to
the
Funds;
and
(iii)
the
Agreement,
on
behalf
of
the
Funds
discussed
above,
was
consistent
with
the
best
interests
of
each
Fund
and
its
shareholders.
Accordingly,
the
Board
unanimously
approved
the
Agreement,
on
behalf
of
each
Fund,
for
an
additional
annual
period
on
the
basis
of
the
foregoing
review
and
discussions
and
the
following
considerations,
among
others:
The
fairness
and
reasonableness
of
the
investment
advisory
fee
payable
to
the
Adviser
under
the
Agreement
in
light
of
the
investment
advisory
services
provided,
the
costs
of
these
services,
the
profitability
of
the
Adviser’s
relationship
with
the
Fund
and
the
comparability
of
the
fee
paid
to
the
fees
paid
by
other
investment
companies;
The
nature,
quality
and
extent
of
the
investment
advisory
services
provided
by
the
Adviser;
The
Adviser’s
entrepreneurial
commitment
to
the
management
of
the
Funds
and
the
creation
of
a
broad-based
family
of
funds,
which
entails
a
substantial
commitment
of
the
Adviser’s
resources
to
the
successful
operation
of
the
Funds;
The
Adviser’s
representations
regarding
its
staffing
and
capabilities
to
manage
the
Funds,
including
the
retention
of
personnel
with
relevant
portfolio
management
experience;
The
Adviser’s
efforts
to
enhance
investment
results
by,
among
other
things,
developing
and
supporting
quality
portfolio
management
teams;
and
The
overall
high
quality
of
the
personnel,
operations,
financial
condition,
investment
management
capabilities,
methodologies
and
perfor-
mance
of
the
Adviser.
Victory
Portfolios
77
(Unaudited)
Supplemental
Information
—
continued
December
31,
2023
Privacy
Policy
Facts
WHAT
DOES
VICTORY
DO
WITH
YOUR
PERSONAL
INFORMATION?
Why?
Financial
companies
choose
how
they
share
your
personal
information.
Federal
law
gives
consumers
the
right
to
limit
some,
but
not
all
sharing.
Federal
law
also
requires
us
to
tell
you
how
we
collect,
share,
and
protect
your
personal
information.
Please
read
this
notice
carefully
to
understand
what
we
do.
What?
The
types
of
personal
information
we
collect,
and
share
depend
on
the
product
or
service
you
have
with
us.
This
information
can
include:
■
Social
Security
number
and
income.
■
Account
balances
and
account
transactions.
■
Data
from
public
sources
and
third-party
data
services.
How?
All
financial
companies
need
to
share
customers’
personal
information
to
run
their
everyday
business
as
permitted
by
law.
For
example,
we
share
with
print
and
mail
companies
that
assist
us
in
sending
mail.
In
the
section
below,
we
list
the
reasons
financial
companies
can
share
their
customers’
personal
information,
the
reasons
Victory
chooses
to
share
and
whether
you
can
limit
this
sharing.
Reasons
we
can
share
your
personal
information
Does
Victory
share?
Can
you
limit
this
sharing?
For
our
everyday
business
purposes
—
such
as
to
process
your
transactions,
maintain
your
accounts,
respond
to
court
orders
and
legal
investigations,
or
report
to
credit
bureaus
Yes
No
For
our
marketing
purposes
—
to
offer
products
and
services
provided
by
Victory
Yes
No
For
joint
marketing
—
sharing
with
other
financial
companies
to
jointly
market
the
other
company’s
products
or
services
No
We
do
not
share
For
everyday
business
purposes
of
the
Victory
family
of
companies
—
this
can
include
information
about
your
Victory
transactions
and
experiences
Yes
No
For
everyday
business
purposes
of
the
Victory
family
of
companies
—
this
can
include
information
about
your
creditworthiness
or
insurability
No
We
do
not
share
For
non-Victory
companies
to
market
to
you
No
We
do
not
share
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
78
(Unaudited)
To
limit
our
sharing
■
Visit
us
online:
vcm.com/optout
■
Call
(877)
660-4400
–
our
menu
will
prompt
you
through
your
choices.
Please
note:
If
you
are
a
new
customer,
we
can
begin
sharing
this
information
30
days
from
the
date
we
sent
this
notice.
When
you
are
no
longer
our
customer,
we
continue
to
share
and
protect
your
information
as
described
in
this
notice.
However,
you
can
contact
us
at
any
time
to
limit
our
sharing.
Questions?
Call
your
account
representative
or
(877)
660-4400
and
ask
to
speak
to
a
representative.
Who
we
are
Who
is
providing
this
notice?
Victory
Capital
Holdings,
Inc.,
and
its
family
of
companies,
including
companies
identified
with
the
Victory
Capital
name
as
described
in
the
affiliates
section
below.
What
we
do
How
does
Victory
protect
my
personal
information?
To
protect
your
personal
information
from
unauthorized
access
and
use,
we
use
security
measures
that
comply
with
federal
law.
These
measures
include
computer
safeguards
and
secured
files
and
buildings.
How
does
Victory
collect
my
personal
information?
We
collect
your
personal
information,
for
example,
when
you:
■
Open
an
account
or
make
deposits
or
withdrawals
from
your
account.
■
Give
us
your
contact
or
account
information.
■
Direct
us
to
buy
or
sell
securities.
We
also
collect
your
personal
information
from
others,
such
as
credit
bureaus,
affiliates,
or
other
companies.
Why
can’t
I
limit
all
sharing?
Federal
law
gives
you
the
right
to
limit
only:
■
Sharing
among
affiliated
companies
for
everyday
business
purposes
information
about
your
creditworthiness
and
insurability.
■
Affiliates
from
using
your
information
to
market
to
you.
■
Sharing
for
nonaffiliates
to
market
to
you.
State
laws
and
individual
companies
may
give
you
additional
rights
to
limit
sharing.
See
below
for
more
on
your
rights
under
state
law.
What
happens
when
I
limit
sharing
for
an
account
I
hold
jointly
with
someone
else?
Your
choices
will
apply
to
everyone
on
your
account.
Definitions
Victory
family
of
companies
(affiliates)
Companies
owned
or
controlled
by
Victory
Capital
Holdings,
Inc.
They
can
be
financial
and
nonfinancial
companies
in
the
Victory
family
of
companies.
■
The
Victory
family
of
companies
includes:
companies
with
a
Victory
Capital
name,
including
without
limitation
Victory
Capital
Services,
Inc.,
Victory
Capital
Transfer
Agency,
Inc.,
Victory
Capital
Management
Inc.
and
its
subsidiaries,
RS
Investments
(UK)
Limited,
RS
Investments
(Hong
Kong)
Limited,
and
RS
Investment
Management
(Singapore)
Pte.
Ltd.,
as
well
as
pooled
vehicles
managed
or
administered
by
Victory
Capital
Management
Inc.,
from
time
to
time.
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
79
(Unaudited)
Non-Victory
companies
(nonaffiliates)
Companies
not
related
by
common
ownership
or
control.
They
can
be
financial
and
nonfinancial
companies.
■
We
only
share
with
non-Victory
companies
to
service
transactions
you
request
or
as
necessary
to
provide
our
services.
■
We
do
not
share
with
non-Victory
companies
so
they
can
market
their
products
to
you.
Joint
Marketing
A
formal
agreement
between
a
Victory
company
and
a
non-Victory
financial
company
to
market
the
non-Victory
company’s
products
or
services
to
you.
■
We
do
not
share
with
any
non-Victory
financial
company
for
joint
marketing.
Other
important
information
For
Nevada
Residents
:
Nevada
law
requires
that
we
tell
you
about
the
option
to
be
placed
on
our
internal
do-
not-call
list.
If
you’d
rather
not
receive
sales
calls
from
us,
please
call
(877)
660-4400
and
ask
to
speak
to
a
representative
so
we
can
place
you
on
our
do-not-call
list.
You
may
also
contact:
Bureau
of
Consumer
Protection
Office
of
the
Nevada
Attorney
General,
555
E.
Washington
Ave.,
Ste.
3900,
Las
Vegas,
NV
89101,
call
1-702-486-3132
or
Email:
BCPINFO@ag.state.nv.us.
For
Vermont
Residents
:
In
accordance
with
Vermont
law,
we
will
not
share
information
we
collect
about
you
with
companies
who
are
not
affiliates,
except
as
permitted
by
law,
such
as
with
your
consent
or
to
service
your
accounts.
We
will
not
share
information
about
your
creditworthiness
with
our
affiliates
without
your
authorization
or
consent,
but
we
may
share
information
about
our
transactions
or
experiences
with
you
with
our
affiliates
as
permitted
by
law.
For
California
Residents
:
In
accordance
with
California
law,
we
will
not
share
information
we
collect
about
you
with
nonaffiliates,
except
as
allowed
by
law.
For
example,
we
may
share
information
with
your
consent
or
to
service
your
accounts.
Among
our
affiliates,
we
will
limit
information
sharing
to
the
extent
required
by
California
law.
Victory
Funds
P.O.
Box
182593
Columbus,
Ohio
43218-2593
Visit
our
website
at:
vcm.com
Call
Victory
at:
800-539-FUND
(800-539-3863)
800-235-8396
for
Member
Class
VP-SAR
(12/23)
December
31,
2023
Semi
Annual
Report
Victory
Sycamore
Established
Value
Fund
Victory
Sycamore
Small
Company
Opportunity
Fund
vcm.com
News,
Information
And
Education
24
Hours
A
Day,
7
Days
A
Week
The
Victory
Capital
website
gives
fund
shareholders,
prospective
shareholders,
and
investment
professionals
a
convenient
way
to
access
fund
information,
get
guidance,
and
track
fund
performance
anywhere
they
can
access
the
Internet.
The
site
includes:
Detailed
performance
records
Daily
share
prices
The
latest
fund
news
Investment
resources
to
help
you
become
a
better
investor
A
section
dedicated
to
investment
professionals
Whether
you’re
a
potential
investor
searching
for
the
fund
that
matches
your
investment
philosophy,
a
seasoned
investor
interest-
ed
in
planning
tools,
or
an
investment
professional,
vcm.com
has
what
you
seek.
Visit
us
anytime.
We’re
always
open.
TABLE
OF
CONTENTS
Victory
Portfolios
1
Investment
Objectives
and
Portfolio
Holdings
3
Schedules
of
Portfolio
Investments
Victory
Sycamore
Established
Value
Fund
5
Victory
Sycamore
Small
Company
Opportunity
Fund
8
Financial
Statements
Statements
of
Assets
and
Liabilities
11
Statements
of
Operations
12
Statements
of
Changes
in
Net
Assets
13
Financial
Highlights
16
Notes
to
Financial
Statements
27
Supplemental
Information
Proxy
Voting
and
Portfolio
Holdings
Information 
34
Expense
Examples
34
Advisory
Contract
Approval
35
Privacy
Policy
37
2
Call
Victory
at:
800-539-FUND
(800-539-3863)
Visit
our
website
at:
vcm.com
IRA
DISTRIBUTION
WITHHOLDING
DISCLOSURE
We
generally
must
withhold
federal
income
tax
at
a
rate
of
10%
of
the
taxable
portion
of
your
distribution
and,
if
you
live
in
a
state
that
requires
state
income
tax
withholding,
at
your
state’s
tax
rate.
However,
you
may
elect
not
to
have
withholding
apply
or
to
have
income
tax
withheld
at
a
higher
rate.
Any
withholding
election
that
you
make
will
apply
to
any
subsequent
distribution
unless
and
until
you
change
or
revoke
the
election.
If
you
wish
to
make
a
withholding
election,
or
change
or
revoke
a
prior
withholding
election,
call
800-539-3863
and
form
W-4P
(OMB
No.
1545-0074
withholding
certificate
for
pension
or
annuity
payments)
will
be
electronically
sent.
If
you
do
not
have
a
withholding
election
in
place
by
the
date
of
a
distribution,
federal
income
tax
will
be
withheld
from
the
taxable
portion
of
your
distribution
at
a
rate
of
10%.
If
you
must
pay
estimated
taxes,
you
may
be
subject
to
estimated
tax
penalties
if
your
estimated
tax
payments
are
not
sufficient
and
sufficient
tax
is
not
withheld
from
your
distribution.
For
more
specific
information,
please
consult
your
tax
adviser.
The
Funds
are
distributed
by
Victory
Capital
Services,
Inc.
Victory
Capital
Management
Inc.
is
the
investment
adviser
to
the
Funds
and
receives
fees
from
the
Funds
for
performing
services
for
the
Funds.
This
report
is
not
authorized
for
distribution
to
prospective
investors
unless
preceded
or
accompanied
by
a
current
prospectus
of
the
Victory
Funds.
For
additional
information
about
any
Victory
Fund,
including
fees,
expenses,
and
risks,
view
our
prospectus
online
at
vcm.com
or
call
800-539-3863.
Read
it
carefully
before
you
invest
or
send
money.
The
information
in
this
report
is
based
on
data
obtained
from
recognized
services
and
sources
and
is
believed
to
be
reliable.
Any
opinions,
projections,
or
recommendations
in
this
report
are
subject
to
change
without
notice
and
are
not
intended
as
individual
investment
advice.
Past
investment
performance
of
the
Funds,
markets
or
securities
mentioned
herein
should
not
be
considered
to
be
indicative
of
future
results.
NOT
FDIC
INSURED
NO
BANK
GUARANTEE
MAY
LOSE
VALUE
3
Victory
Portfolios
Victory
Sycamore
Established
Value
Fund
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
long-term
capital
growth
by
investing
primarily
in
common
stocks.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments, and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
Crown
Holdings,
Inc.
1.8%
Quest
Diagnostics,
Inc.
1.8%
Textron,
Inc.
1.8%
NNN
REIT,
Inc.
1.8%
Leidos
Holdings,
Inc.
1.7%
Alliant
Energy
Corp.
1.7%
Alexandria
Real
Estate
Equities,
Inc.
1.7%
Lamar
Advertising
Co.,
Class
A
1.7%
Packaging
Corp.
of
America
1.7%
Xcel
Energy,
Inc.
1.7%
Industrials
23.9%
Financials
15.4%
Consumer
Discretionary
11.0%
Materials
10.7%
Information
Technology
9.8%
Health
Care
8.2%
Real
Estate
7.8%
Consumer
Staples
3.9%
Energy
3.9%
Utilities
3.4%
4
Victory
Portfolios
Victory
Sycamore
Small
Company
Opportunity
Fund
December
31,
2023
Investment
Objective
and
Portfolio
Holdings:
(Unaudited)
The
Fund
seeks
to
provide
capital
appreciation.
Top
10
Holdings*:
December
31,
2023
(%
of
Net
Assets)
Top
Sectors*:
December
31,
2023
(%
of
Net
Assets)
Does
not
include
futures
contracts,
money
market
instruments,
and
short-term
investments
purchased
with
cash
collateral
from
securities
loaned.
Refer
to
the
Schedule
of
Portfolio
Investments
for
a
complete
list
of
securities.
SouthState
Corp.
1.7%
UMB
Financial
Corp.
1.6%
Wintrust
Financial
Corp.
1.5%
Werner
Enterprises,
Inc.
1.5%
Hub
Group,
Inc.,
Class
A
1.5%
Integer
Holdings
Corp.
1.4%
Hillenbrand,
Inc.
1.4%
Magnolia
Oil
&
Gas
Corp.,
Class
A
1.4%
Cohen
&
Steers,
Inc.
1.3%
First
American
Financial
Corp.
1.3%
Industrials
24.2%
Financials
19.5%
Information
Technology
11.5%
Materials
10.7%
Consumer
Discretionary
8.6%
Real
Estate
6.4%
Energy
5.7%
Consumer
Staples
3.9%
Health
Care
3.5%
Utilities
3.2%
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
Victory
Sycamore
Established
Value
Fund
5
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Common
Stocks
(98.0%)
Consumer
Discretionary
(11.0%):
Aptiv
PLC
(a)
..........................................................
2,605,000
$
233,721
BorgWarner,
Inc.
.......................................................
6,715,000
240,733
Darden
Restaurants,
Inc.
..................................................
1,490,000
244,807
Dick's
Sporting
Goods,
Inc.
................................................
1,630,000
239,528
Hilton
Worldwide
Holdings,
Inc.
............................................
1,045,000
190,284
Ralph
Lauren
Corp.
.....................................................
1,810,000
261,002
Ross
Stores,
Inc.
.......................................................
2,115,000
292,695
Yum!
Brands,
Inc.
......................................................
2,155,000
281,572
1,984,342
Consumer
Staples
(3.9%):
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
........................................
3,370,000
224,644
Sysco
Corp.
...........................................................
2,080,000
152,110
Tyson
Foods,
Inc.
,
Class
A
................................................
1,725,000
92,719
U.S.
Foods
Holding
Corp.
(a)
...............................................
5,316,000
241,400
710,873
Energy
(3.9%):
Coterra
Energy,
Inc.
.....................................................
10,785,000
275,234
Devon
Energy
Corp.
.....................................................
5,000,000
226,500
Hess
Corp.
............................................................
1,345,000
193,895
695,629
Financials
(15.4%):
American
Financial
Group,
Inc.
.............................................
2,510,000
298,414
Fidelity
National
Financial,
Inc.
............................................
2,270,000
115,815
Global
Payments,
Inc.
....................................................
2,265,000
287,655
Huntington
Bancshares,
Inc.
...............................................
10,545,000
134,132
Old
Republic
International
Corp.
............................................
9,725,000
285,915
Prosperity
Bancshares,
Inc.
................................................
3,650,000
247,215
T.
Rowe
Price
Group,
Inc.
.................................................
1,970,000
212,149
The
Bank
of
New
York
Mellon
Corp.
.........................................
5,500,000
286,275
The
Hartford
Financial
Services
Group,
Inc.
....................................
3,500,000
281,330
The
Progressive
Corp.
...................................................
750,000
119,460
W.R.
Berkley
Corp.
.....................................................
3,765,000
266,261
Willis
Towers
Watson
PLC
(b)
..............................................
1,015,000
244,818
2,779,439
Health
Care
(8.2%):
Agilent
Technologies,
Inc.
.................................................
1,530,000
212,716
Hologic,
Inc.
(a)
........................................................
3,411,000
243,716
ICON
PLC
(a)
.........................................................
645,000
182,580
Quest
Diagnostics,
Inc.
...................................................
2,295,000
316,435
The
Cooper
Cos.,
Inc.
....................................................
680,000
257,339
Zimmer
Biomet
Holdings,
Inc.
.............................................
2,160,000
262,872
1,475,658
Industrials
(23.9%):
AGCO
Corp.
..........................................................
1,905,000
231,286
Alaska
Air
Group,
Inc.
(a)
.................................................
5,250,000
205,118
Carrier
Global
Corp.
.....................................................
3,000,000
172,350
FTI
Consulting,
Inc.
(a)
...................................................
1,395,000
277,814
Genpact
Ltd.
..........................................................
6,240,000
216,590
Hubbell,
Inc.
..........................................................
350,000
115,126
J.B.
Hunt
Transport
Services,
Inc.
...........................................
1,470,000
293,618
Knight-Swift
Transportation
Holdings,
Inc.
....................................
2,655,000
153,061
Landstar
System,
Inc.
....................................................
925,000
179,126
Leidos
Holdings,
Inc.
....................................................
2,900,000
313,896
Lincoln
Electric
Holdings,
Inc.
.............................................
610,000
132,651
ManpowerGroup,
Inc.
...................................................
2,410,000
191,523
Maximus,
Inc.
.........................................................
2,595,000
217,617
Owens
Corning
........................................................
780,000
115,619
Victory
Portfolios
Victory
Sycamore
Established
Value
Fund
6
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Parker-Hannifin
Corp.
...................................................
280,000
$
128,996
Republic
Services,
Inc.
...................................................
1,420,000
234,172
Textron,
Inc.
..........................................................
3,925,000
315,648
The
Middleby
Corp.
(a)
...................................................
1,930,000
284,038
The
Toro
Co.
..........................................................
2,075,000
199,179
TransUnion
...........................................................
1,990,000
136,733
Xylem,
Inc.
...........................................................
1,690,000
193,268
4,307,429
Information
Technology
(9.8%):
Amphenol
Corp.
,
Class
A
.................................................
2,555,000
253,277
Flex
Ltd.
(a)
...........................................................
9,650,000
293,939
MKS
Instruments,
Inc.
...................................................
2,790,000
287,007
Motorola
Solutions,
Inc.
..................................................
555,000
173,765
Skyworks
Solutions,
Inc.
.................................................
2,640,000
296,789
Western
Digital
Corp.
(a)
..................................................
5,750,000
301,128
Zebra
Technologies
Corp.
(a)
...............................................
570,000
155,798
1,761,703
Materials
(10.7%):
AptarGroup,
Inc.
.......................................................
1,255,000
155,143
Avery
Dennison
Corp.
...................................................
1,315,000
265,840
Axalta
Coating
Systems
Ltd.
(a)
.............................................
3,900,000
132,483
Crown
Holdings,
Inc.
....................................................
3,575,000
329,222
Franco-Nevada
Corp.
....................................................
1,927,000
213,531
Packaging
Corp.
of
America
...............................................
1,875,000
305,456
RPM
International,
Inc.
..................................................
2,200,000
245,586
Westlake
Corp.
........................................................
2,075,000
290,417
1,937,678
Real
Estate
(7.8%):
Alexandria
Real
Estate
Equities,
Inc.
.........................................
2,450,000
310,587
Camden
Property
Trust
...................................................
2,460,000
244,253
Equity
LifeStyle
Properties,
Inc.
............................................
3,100,000
218,674
Lamar
Advertising
Co.
,
Class
A
.............................................
2,900,000
308,212
NNN
REIT,
Inc.
........................................................
7,320,000
315,492
1,397,218
Utilities
(3.4%):
Alliant
Energy
Corp.
....................................................
6,070,000
311,391
Xcel
Energy,
Inc.
.......................................................
4,890,000
302,740
614,131
Total
Common
Stocks
(Cost
$14,316,279)
a
a
a
17,664,100
Exchange-Traded
Funds
(0.8%)
iShares
Russell
Mid-Cap
Value
ETF
(b)
.......................................
1,165,000
135,478
Total
Exchange-Traded
Funds
(Cost
$71,804)
a
a
a
135,478
Collateral
for
Securities
Loaned
(0.0%)^(c)
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.25
%
(d)
........
379,544
379
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.30
%
(d)
............
379,544
379
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.28
%
(d)
...............
379,544
380
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.26
%
(d)
.
379,544
380
Total
Collateral
for
Securities
Loaned
(Cost
$1,518)
a
a
a
1,518
Total
Investments
(Cost
$14,389,601)
—
98.8%
17,801,096
Other
assets
in
excess
of
liabilities
—
1.2%
224,003
NET
ASSETS
-
100.00%
$
18,025,099
^
Purchased
with
cash
collateral
from
securities
on
loan.
Victory
Portfolios
Victory
Sycamore
Established
Value
Fund
7
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Amount
represents
less
than
0.05%
of
net
assets.
(d)
Rate
disclosed
is
the
daily
yield
on
December
31,
2023.
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Schedule
of
Portfolio
Investments
December
31,
2023
Victory
Portfolios
Victory
Sycamore
Small
Company
Opportunity
Fund
8
(Unaudited)
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Common
Stocks
(97.7%)
Communication
Services
(0.5%):
The
E.W.
Scripps
Co.
,
Class
A
(a)
(b)
.........................................
4,200,000
$
33,558
Consumer
Discretionary
(8.6%):
Brunswick
Corp.
.......................................................
565,000
54,664
Columbia
Sportswear
Co.
.................................................
1,050,000
83,517
Frontdoor,
Inc.
(a)
.......................................................
725,000
25,535
Kontoor
Brands,
Inc.
....................................................
535,000
33,395
LCI
Industries
.........................................................
365,000
45,884
Mattel,
Inc.
(a)
.........................................................
4,455,000
84,110
Murphy
USA,
Inc.
......................................................
119,000
42,431
Signet
Jewelers
Ltd.
.....................................................
692,000
74,224
Texas
Roadhouse,
Inc.
...................................................
700,000
85,561
Visteon
Corp.
(a)
........................................................
605,000
75,564
604,885
Consumer
Staples
(3.9%):
Central
Garden
&
Pet
Co.
,
Class
A
(a)
........................................
1,990,000
87,640
Ingredion,
Inc.
.........................................................
585,000
63,490
Lancaster
Colony
Corp.
..................................................
275,000
45,757
Performance
Food
Group
Co.
(a)
............................................
1,135,000
78,485
275,372
Energy
(5.7%):
Civitas
Resources,
Inc.
...................................................
1,360,000
92,997
Delek
U.S.
Holdings,
Inc.
.................................................
1,835,000
47,343
Helmerich
&
Payne,
Inc.
..................................................
1,910,000
69,180
Magnolia
Oil
&
Gas
Corp.
,
Class
A
..........................................
4,450,000
94,741
Matador
Resources
Co.
...................................................
1,635,000
92,966
397,227
Financials
(19.5%):
AMERISAFE,
Inc.
(b)
....................................................
1,030,000
48,183
Bank
of
Hawaii
Corp.
(c)
..................................................
720,000
52,171
Cohen
&
Steers,
Inc.
....................................................
1,230,000
93,148
EVERTEC,
Inc.
........................................................
760,000
31,114
First
American
Financial
Corp.
.............................................
1,445,000
93,116
Independent
Bank
Corp.
..................................................
1,175,000
77,327
Lakeland
Financial
Corp.
.................................................
1,175,000
76,563
NCR
Atleos
Corp.
(a)
....................................................
1,825,000
44,329
Renasant
Corp.
........................................................
2,400,000
80,832
Ryan
Specialty
Holdings,
Inc.
(a)
............................................
1,375,000
59,153
Safety
Insurance
Group,
Inc.
(b)
.............................................
860,000
65,351
Selective
Insurance
Group,
Inc.
.............................................
745,000
74,113
SouthState
Corp.
.......................................................
1,400,000
118,230
Stewart
Information
Services
Corp.
..........................................
540,000
31,725
The
Hanover
Insurance
Group,
Inc.
..........................................
740,000
89,851
UMB
Financial
Corp.
....................................................
1,350,000
112,792
United
Bankshares,
Inc.
..................................................
1,980,000
74,349
Walker
&
Dunlop,
Inc.
...................................................
400,000
44,404
Wintrust
Financial
Corp.
..................................................
1,125,000
104,344
1,371,095
Health
Care
(3.5%):
Charles
River
Laboratories
International,
Inc.
(a)
.................................
329,000
77,776
Chemed
Corp.
.........................................................
120,000
70,170
Integer
Holdings
Corp.
(a)
.................................................
1,015,000
100,566
248,512
Industrials
(24.2%):
Air
Transport
Services
Group,
Inc.
(a)
.........................................
1,567,462
27,603
Alamo
Group,
Inc.
......................................................
240,000
50,446
Apogee
Enterprises,
Inc.
..................................................
836,000
44,651
Victory
Portfolios
Victory
Sycamore
Small
Company
Opportunity
Fund
9
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
Applied
Industrial
Technologies,
Inc.
.........................................
140,000
$
24,177
ASGN,
Inc.
(a)
.........................................................
655,000
62,991
Astec
Industries,
Inc.
(b)
..................................................
1,415,000
52,638
CBIZ,
Inc.
(a)
..........................................................
395,000
24,723
Core
&
Main,
Inc.
,
Class
A
(a)
..............................................
1,835,000
74,152
Crane
Co.
............................................................
455,000
53,754
Gibraltar
Industries,
Inc.
(a)
................................................
745,000
58,840
Hayward
Holdings,
Inc.
(a)
................................................
2,850,000
38,760
Hexcel
Corp.
..........................................................
690,000
50,887
Hillenbrand,
Inc.
.......................................................
2,095,000
100,246
Hub
Group,
Inc.
,
Class
A
(a)
...............................................
1,125,000
103,432
ICF
International,
Inc.
...................................................
360,000
48,272
John
Bean
Technologies
Corp.
..............................................
640,000
63,648
Kennametal,
Inc.
.......................................................
2,120,000
54,675
Marten
Transport
Ltd.
....................................................
3,060,000
64,199
Maximus,
Inc.
.........................................................
1,035,000
86,795
McGrath
RentCorp.
.....................................................
620,000
74,164
Mercury
Systems,
Inc.
(a)
.................................................
1,330,000
48,638
Mueller
Industries,
Inc.
...................................................
1,155,000
54,458
MYR
Group,
Inc.
(a)
.....................................................
185,000
26,757
NEXTracker,
Inc.
,
Class
A
(a)
..............................................
1,155,000
54,112
UFP
Industries,
Inc.
.....................................................
605,000
75,958
UniFirst
Corp.
.........................................................
322,000
58,897
Viad
Corp.
(a)
(b)
........................................................
1,265,000
45,793
Watts
Water
Technologies,
Inc.
,
Class
A
.......................................
345,000
71,877
Werner
Enterprises,
Inc.
..................................................
2,445,000
103,595
1,699,138
Information
Technology
(11.5%):
Advanced
Energy
Industries,
Inc.
...........................................
723,000
78,749
Ciena
Corp.
(a)
.........................................................
1,550,000
69,765
Cohu,
Inc.
(a)
..........................................................
2,140,000
75,735
Crane
NXT
Co.
........................................................
815,000
46,349
Fabrinet
(a)
............................................................
124,000
23,601
Kulicke
&
Soffa
Industries,
Inc.
.............................................
1,565,000
85,637
Littelfuse,
Inc.
.........................................................
290,000
77,592
NCR
Voyix
Corp.
(a)
.....................................................
2,430,000
41,091
Perficient,
Inc.
(a)
.......................................................
800,000
52,656
Rogers
Corp.
(a)
........................................................
551,000
72,771
ScanSource,
Inc.
(a)
(b)
...................................................
1,275,000
50,503
Tower
Semiconductor
Ltd.
(a)
..............................................
2,310,000
70,501
Verint
Systems,
Inc.
(a)
...................................................
2,210,000
59,736
804,686
Materials
(10.7%):
AdvanSix,
Inc.
(b)
.......................................................
1,855,000
55,576
Commercial
Metals
Co.
..................................................
530,000
26,521
Eagle
Materials,
Inc.
.....................................................
270,000
54,767
H.B.
Fuller
Co.
........................................................
1,125,000
91,586
Ingevity
Corp.
(a)
.......................................................
790,000
37,304
Innospec,
Inc.
.........................................................
745,000
91,814
Kaiser
Aluminum
Corp.
(b)
................................................
910,000
64,783
Minerals
Technologies,
Inc.
................................................
1,120,000
79,867
Silgan
Holdings,
Inc.
....................................................
1,560,000
70,590
Sonoco
Products
Co.
....................................................
1,535,000
85,760
Stepan
Co.
............................................................
370,000
34,984
Summit
Materials,
Inc.
,
Class
A
(a)
..........................................
1,578,000
60,690
754,242
Real
Estate
(6.4%):
Apple
Hospitality
REIT,
Inc.
...............................................
3,815,000
63,367
Colliers
International
Group,
Inc.
...........................................
520,000
65,790
COPT
Defense
Properties
.................................................
2,765,000
70,867
Cushman
&
Wakefield
PLC
(a)
.............................................
3,000,000
32,400
Victory
Portfolios
Victory
Sycamore
Small
Company
Opportunity
Fund
10
(Unaudited)
Schedule
of
Portfolio
Investments
—
continued
December
31,
2023
See
notes
to
financial
statements.
Security
Description
Shares
Value
(000)
First
Industrial
Realty
Trust,
Inc.
............................................
955,000
$
50,300
Four
Corners
Property
Trust,
Inc.
............................................
3,080,000
77,924
Rayonier,
Inc.
.........................................................
2,680,000
89,539
450,187
Utilities
(3.2%):
IDACORP,
Inc.
........................................................
865,000
85,047
MGE
Energy,
Inc.
......................................................
620,000
44,832
Northwestern
Energy
Group,
Inc.
...........................................
1,135,000
57,760
ONE
Gas,
Inc.
.........................................................
635,000
40,462
228,101
Total
Common
Stocks
(Cost
$5,747,681)
a
a
a
6,867,003
Exchange-Traded
Funds
(1.0%)
iShares
Russell
2000
Value
ETF
............................................
475,000
73,782
Total
Exchange-Traded
Funds
(Cost
$59,595)
a
a
a
73,782
Collateral
for
Securities
Loaned
(0.1%)^
Goldman
Sachs
Financial
Square
Government
Fund,
Institutional
Shares
,
5
.25
%
(d)
........
1,710,302
1,711
HSBC
U.S.
Government
Money
Market
Fund,
Institutional
Shares
,
5
.30
%
(d)
............
1,710,302
1,710
Invesco
Government
&
Agency
Portfolio,
Institutional
Shares
,
5
.28
%
(d)
...............
1,710,302
1,710
Morgan
Stanley
Institutional
Liquidity
Government
Portfolio,
Institutional
Shares
,
5
.26
%
(d)
.
1,710,302
1,710
Total
Collateral
for
Securities
Loaned
(Cost
$6,841)
a
a
a
6,841
Total
Investments
(Cost
$5,814,117)
—
98.8%
6,947,626
Other
assets
in
excess
of
liabilities
—
1.2%
83,589
NET
ASSETS
-
100.00%
$
7,031,215
^
Purchased
with
cash
collateral
from
securities
on
loan.
(a)
Non-income
producing
security.
(b)
Affiliated
security.
(See
Note
8
in
the
Notes
to
Financial
Statements)
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Rate
disclosed
is
the
daily
yield
on
December
31,
2023.
ETF
—
Exchange-Traded
Fund
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Statements
of
Assets
and
Liabilities
December
31,
2023
11
See
notes
to
financial
statements.
Victory
Portfolios
(Amounts
in
Thousands,
Except
Per
Share
Amounts)
(Unaudited)
Victory
Sycamore
Established
Value
Fund
Victory
Sycamore
Small
Company
Opportunity
Fund
Assets:
Affiliated
investments,
at
value
(Cost
$—
and
$459,098)
$
—‌
$
416,385‌
Unaffiliated
investments,
at
value
(Cost
$14,389,601
and
$5,355,019)
17,801,096‌
(a)
6,531,241‌
(b)
Cash
245,485‌
78,899‌
Receivables:
Interest
and
dividends
24,808‌
7,093‌
Capital
shares
issued
24,420‌
26,110‌
Investments
sold
100,904‌
36,840‌
Prepaid
expenses
183‌
77‌
Total
Assets
18,196,896‌
7,096,645‌
Liabilities:
Payables:
Collateral
received
on
loaned
securities
1,518‌
6,841‌
Investments
purchased
85,827‌
23,188‌
Capital
shares
redeemed
74,978‌
30,028‌
Accrued
expenses
and
other
payables:
Investment
advisory
fees
6,818‌
4,415‌
Administration
fees
807‌
310‌
Custodian
fees
133‌
53‌
Transfer
agent
fees
302‌
22‌
Sub-Transfer
agent
fees
912‌
402‌
Compliance
fees
14‌
5‌
12b-1
fees
115‌
25‌
Other
accrued
expenses
373‌
141‌
Total
Liabilities
171,797‌
65,430‌
Commitments
and
contingencies
(Note
4
)
Net
Assets:
Capital
14,461,781‌
5,833,196‌
Total
accumulated
earnings/(loss)
3,563,318‌
1,198,019‌
Net
Assets
$
18,025,099‌
$
7,031,215‌
Net
Assets
Class
A
$
1,551,053‌
$
304,781‌
Class
C
43,057‌
—‌
Class
I
4,881,897‌
3,338,505‌
Class
R
808,895‌
208,901‌
Class
R6
9,895,061‌
3,098,744‌
Class
Y
845,136‌
80,284‌
Total
$
18,025,099‌
$
7,031,215‌
Shares
(unlimited
number
of
shares
authorized
with
a
par
value
of
$0.001
per
share):
Class
A
33,458‌
6,391‌
Class
C
959‌
—‌
Class
I
105,216‌
68,970‌
Class
R
17,791‌
4,833‌
Class
R6
213,149‌
64,149‌
Class
Y
18,218‌
1,674‌
Total
388,791‌
146,017‌
Net
asset
value,
offering
and
redemption
price
per
share:(c)
Class
A
$
46
.36‌
$
47
.69‌
Class
C(d)
44
.89‌
—‌
Class
I
46
.40‌
48
.41‌
Class
R
45
.47‌
43
.22‌
Class
R6
46
.42‌
48
.31‌
Class
Y
46
.39‌
47
.96‌
Maximum
Sales
Charge
—
Class
A
5
.75‌
%
5
.75‌
%
Maximum
offering
price
(100%/(100%-maximum
sales
charge)
of
net
asset
value
adjusted
to
the
nearest
cent)
per
share
—
Class
A
$
49
.19‌
$
50
.60‌
(a)
Includes
$1,478
thousand
of
securities
on
loan.
(b)
Includes
$6,566
thousand
of
securities
on
loan.
(c)
Per
share
amount
may
not
recalculate
due
to
rounding
of
net
assets
and/or
shares
outstanding.
(d)
Redemption
price
per
share
varies
by
length
of
time
shares
are
held.
Statements
of
Operations
For
the
Six
Months
Ended
December
31,
2023
12
See
notes
to
financial
statements.
Victory
Portfolios
(Amounts
in
Thousands)
(Unaudited)
Victory
Sycamore
Established
Value
Fund
Victory
Sycamore
Small
Company
Opportunity
Fund
Investment
Income:
Dividends
from
affiliated
investments
$
—‌
$
8,134‌
Dividends
from
unaffiliated
investments
171,079‌
53,750‌
Interest
from
unaffiliated
investments
4,830‌
2,234‌
Interfund
lending
39‌
—‌
Securities
lending
(net
of
fees)
4‌
90‌
Foreign
tax
withholding
(
197‌
)
(
12‌
)
Total
Income
175,755‌
64,196‌
Expenses:
Investment
advisory
fees
39,653‌
25,719‌
Administration
fees
4,864‌
1,881‌
Sub-Administration
fees
9‌
9‌
12b-1
fees
—
Class
A
1,939‌
384‌
12b-1
fees
—
Class
C
228‌
—‌
12b-1
fees
—
Class
R
1,970‌
534‌
Custodian
fees
373‌
145‌
Transfer
agent
fees
—
Class
A
33‌
6‌
Transfer
agent
fees
—
Class
C
1‌
—‌
Transfer
agent
fees
—
Class
I
200‌
49‌
Transfer
agent
fees
—
Class
R
14‌
6‌
Transfer
agent
fees
—
Class
R6
167‌
26‌
Transfer
agent
fees
—
Class
Y
147‌
—‌
(a)
Sub-Transfer
agent
fees
—
Class
A
928‌
263‌
Sub-Transfer
agent
fees
—
Class
C
25‌
—‌
Sub-Transfer
agent
fees
—
Class
I
1,201‌
859‌
Sub-Transfer
agent
fees
—
Class
R
278‌
105‌
Sub-Transfer
agent
fees
—
Class
Y
368‌
41‌
Trustees'
fees
613‌
240‌
Compliance
fees
81‌
31‌
Legal
and
audit
fees
361‌
141‌
State
registration
and
filing
fees
233‌
126‌
Other
expenses
825‌
409‌
Total
Expenses
54,511‌
30,974‌
Net
Investment
Income
(Loss)
121,244‌
33,222‌
Realized/Unrealized
Gains
(Losses)
from
Investments:
Net
realized
gains
(losses)
from
affiliated
investment
securities
—‌
(
15,178‌
)
Net
realized
gains
(losses)
from
unaffiliated
investment
securities
658,517‌
213,957‌
Net
change
in
unrealized
appreciation/depreciation
on
affiliated
investment
securities
—‌
10,833‌
Net
change
in
unrealized
appreciation/depreciation
on
unaffiliated
investment
securities
253,408‌
249,569‌
Net
realized/unrealized
gains
(losses)
on
investments
911,925‌
459,181‌
Change
in
net
assets
resulting
from
operations
$
1,033,169‌
$
492,403‌
(a)
Rounds
to
less
than
$1
thousand.
13
(Amounts
in
Thousands)
Victory
Portfolios
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
Victory
Sycamore
Established
Value
Fund
Victory
Sycamore
Small
Company
Opportunity
Fund
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
From
Investment
Activities:
Operations:
Net
Investment
Income
(Loss)
$
121,244‌
$
249,953‌
$
33,222‌
$
44,397‌
Net
realized
gains
(losses)
658,517‌
677,429‌
198,779‌
356,847‌
Net
change
in
unrealized
appreciation/depreciation
253,408‌
1,138,761‌
260,402‌
325,037‌
Change
in
net
assets
resulting
from
operations
1,033,169‌
2,066,143‌
492,403‌
726,281‌
Distributions
to
Shareholders:
Class
A
(
81,237‌
)
(
121,474‌
)
(
18,549‌
)
(
18,364‌
)
Class
C
(
2,197‌
)
(
3,761‌
)
—‌
—‌
Class
I
(
265,450‌
)
(
385,591‌
)
(
211,276‌
)
(
187,305‌
)
Class
R
(
42,032‌
)
(
58,628‌
)
(
13,769‌
)
(
12,849‌
)
Class
R6
(
527,165‌
)
(
655,318‌
)
(
195,018‌
)
(
139,713‌
)
Class
Y
(
45,390‌
)
(
54,439‌
)
(
5,029‌
)
(
1,880‌
)
Change
in
net
assets
resulting
from
distributions
to
shareholders
(
963,471‌
)
(
1,279,211‌
)
(
443,641‌
)
(
360,111‌
)
Change
in
net
assets
resulting
from
capital
transactions
42,896‌
2,002,152‌
17,692‌
708,643‌
Change
in
net
assets
112,594‌
2,789,084‌
66,454‌
1,074,813‌
Net
Assets:
Beginning
of
period
17,912,505‌
15,123,421‌
6,964,761‌
5,889,948‌
End
of
period
$
18,025,099‌
$
17,912,505‌
$
7,031,215‌
$
6,964,761‌
14
(Amounts
in
Thousands)
Victory
Portfolios
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
Victory
Sycamore
Established
Value
Fund
Victory
Sycamore
Small
Company
Opportunity
Fund
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Capital
Transactions:
Class
A
Proceeds
from
shares
issued
$
103,823‌
$
330,665‌
$
23,565‌
$
58,934‌
Distributions
reinvested
68,483‌
103,597‌
15,595‌
15,363‌
Cost
of
shares
redeemed
(
256,490‌
)
(
419,243‌
)
(
61,540‌
)
(
98,331‌
)
Total
Class
A
$
(
84,184‌
)
$
15,019‌
$
(
22,380‌
)
$
(
24,034‌
)
Class
C
Proceeds
from
shares
issued
$
112‌
$
939‌
$
—‌
$
—‌
Distributions
reinvested
2,175‌
3,719‌
—‌
—‌
Cost
of
shares
redeemed
(
8,330‌
)
(
13,782‌
)
—‌
—‌
Total
Class
C
$
(
6,043‌
)
$
(
9,124‌
)
$
—‌
$
—‌
Class
I
Proceeds
from
shares
issued
$
355,071‌
$
1,117,378‌
$
185,311‌
$
614,532‌
Distributions
reinvested
231,066‌
326,331‌
198,156‌
176,102‌
Cost
of
shares
redeemed
(
949,286‌
)
(
1,259,865‌
)
(
434,428‌
)
(
828,807‌
)
Total
Class
I
$
(
363,149‌
)
$
183,844‌
$
(
50,961‌
)
$
(
38,173‌
)
Class
R
Proceeds
from
shares
issued
$
59,167‌
$
160,411‌
$
10,686‌
$
52,627‌
Distributions
reinvested
41,708‌
57,941‌
13,708‌
12,798‌
Cost
of
shares
redeemed
(
112,602‌
)
(
221,371‌
)
(
54,781‌
)
(
48,409‌
)
Total
Class
R
$
(
11,727‌
)
$
(
3,019‌
)
$
(
30,387‌
)
$
17,016‌
Class
R6
Proceeds
from
shares
issued
$
1,063,900‌
$
2,483,614‌
$
316,726‌
$
1,033,733‌
Distributions
reinvested
511,085‌
641,456‌
188,666‌
134,920‌
Cost
of
shares
redeemed
(
1,077,586‌
)
(
1,520,793‌
)
(
380,020‌
)
(
472,980‌
)
Total
Class
R6
$
497,399‌
$
1,604,277‌
$
125,372‌
$
695,673‌
Class
Y
Proceeds
from
shares
issued
$
111,674‌
$
277,605‌
$
4,813‌
$
68,434‌
Distributions
reinvested
41,309‌
49,666‌
4,892‌
1,749‌
Cost
of
shares
redeemed
(
142,383‌
)
(
116,116‌
)
(
13,657‌
)
(
12,022‌
)
Total
Class
Y
$
10,600‌
$
211,155‌
$
(
3,952‌
)
$
58,161‌
Change
in
net
assets
resulting
from
capital
transactions
$
42,896‌
$
2,002,152‌
$
17,692‌
$
708,643‌
15
(Amounts
in
Thousands)
Victory
Portfolios
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
Victory
Sycamore
Established
Value
Fund
Victory
Sycamore
Small
Company
Opportunity
Fund
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Share
Transactions:
Class
A
Issued
2,282‌
7,209‌
508‌
1,252‌
Reinvested
1,499‌
2,265‌
335‌
327‌
Redeemed
(
5,633‌
)
(
9,209‌
)
(
1,321‌
)
(
2,104‌
)
Total
Class
A
(
1,852‌
)
265‌
(
478‌
)
(
525‌
)
Class
C
Issued
3‌
21‌
—‌
—‌
Reinvested
49‌
84‌
—‌
—‌
Redeemed
(
190‌
)
(
313‌
)
—‌
—‌
Total
Class
C
(
138‌
)
(
208‌
)
—‌
—‌
Class
I
Issued
7,820‌
24,373‌
3,919‌
12,808‌
Reinvested
5,050‌
7,128‌
4,175‌
3,690‌
Redeemed
(
20,809‌
)
(
27,604‌
)
(
9,146‌
)
(
17,478‌
)
Total
Class
I
(
7,939‌
)
3,897‌
(
1,052‌
)
(
980‌
)
Class
R
Issued
1,347‌
3,560‌
253‌
1,236‌
Reinvested
931‌
1,290‌
325‌
299‌
Redeemed
(
2,531‌
)
(
4,884‌
)
(
1,270‌
)
(
1,124‌
)
Total
Class
R
(
253‌
)
(
34‌
)
(
692‌
)
411‌
Class
R6
Issued
23,358‌
54,188‌
6,688‌
21,692‌
Reinvested
11,163‌
14,006‌
3,981‌
2,832‌
Redeemed
(
23,656‌
)
(
33,265‌
)
(
8,007‌
)
(
9,919‌
)
Total
Class
R6
10,865‌
34,929‌
2,662‌
14,605‌
Class
Y
Issued
2,446‌
6,052‌
102‌
1,449‌
Reinvested
903‌
1,085‌
104‌
37‌
Redeemed
(
3,132‌
)
(
2,552‌
)
(
290‌
)
(
258‌
)
Total
Class
Y
217‌
4,585‌
(
84‌
)
1,228‌
Change
in
Shares
900‌
43,434‌
356‌
14,739‌
Victory
Portfolios
Financial
Highlights
For
a
Share
Outstanding
Throughout
Each
Period
16
See
notes
to
financial
statements.
Victory
Sycamore
Established
Value
Fund
Class
A
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$46.18
$43.91
$51.62
$35.75
$40.09
$39.52
Investment
Activities:
Net
investment
income
(loss)(b)
0.25
0.55
0.49
0.62
0.48
0.40
Net
realized
and
unrealized
gains
(losses)
2.43
5.21
(4.29)
17.44
(2.44)
3.61
Total
from
Investment
Activities
2.68
5.76
(3.80)
18.06
(1.96)
4.01
Distributions
to
Shareholders
from:
Net
investment
income
(0.30)
(0.55)
(0.60)
(0.52)
(0.48)
(0.39)
Net
realized
gains
(2.20)
(2.94)
(3.31)
(1.67)
(1.90)
(3.05)
Total
Distributions
(2.50)
(3.49)
(3.91)
(2.19)
(2.38)
(3.44)
Net
Asset
Value,
End
of
Period
$46.36
$46.18
$43.91
$51.62
$35.75
$40.09
Total
Return
(excludes
sales
charge)(c)(d)
5.92%
13.27%
(7.99)%
52.05%
(5.22)%
11.96%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.91%
0.90%
0.90%
0.90%
0.92%
0.92%
Net
Investment
Income
(Loss)(e)
1.09%
1.21%
1.52%
1.32%
1.34%
1.06%
Gross
Expenses(e)(f)
0.91%
0.90%
0.90%
0.90%
0.92%
0.92%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$1,551,053
$1,630,578
$1,538,933
$1,788,115
$1,380,509
$1,802,034
Portfolio
Turnover(c)(g)
16%
28%
24%
32%
44%
34%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
17
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Sycamore
Established
Value
Fund
Class
C
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$44.80
$42.71
$50.28
$34.89
$39.16
$38.69
Investment
Activities:
Net
investment
income
(loss)(b)
0.07
0.20
0.24
0.26
0.20
0.11
Net
realized
and
unrealized
gains
(losses)
2.35
5.05
(4.16)
17.00
(2.35)
3.53
Total
from
Investment
Activities
2.42
5.25
(3.92)
17.26
(2.15)
3.64
Distributions
to
Shareholders
from:
Net
investment
income
(0.13)
(0.22)
(0.34)
(0.20)
(0.22)
(0.12)
Net
realized
gains
(2.20)
(2.94)
(3.31)
(1.67)
(1.90)
(3.05)
Total
Distributions
(2.33)
(3.16)
(3.65)
(1.87)
(2.12)
(3.17)
Net
Asset
Value,
End
of
Period
$44.89
$44.80
$42.71
$50.28
$34.89
$39.16
Total
Return
(excludes
contingent
deferred
sales
charge)(c)(d)
5.52%
12.40%
(8.44)%
50.91%
(5.93)%
11.10%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
1.68%
1.66%
1.66%
1.66%
1.69%
1.68%
Net
Investment
Income
(Loss)(e)
0.30%
0.44%
0.75%
0.56%
0.58%
0.30%
Gross
Expenses(e)(f)
1.68%
1.66%
1.66%
1.66%
1.69%
1.68%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$43,057
$49,142
$55,720
$67,718
$54,271
$79,066
Portfolio
Turnover(c)(g)
16%
28%
24%
32%
44%
34%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
18
See
notes
to
financial
statements.
Victory
Sycamore
Established
Value
Fund
Class
I
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$46.22
$43.94
$51.66
$35.77
$40.12
$39.55
Investment
Activities:
Net
investment
income
(loss)(b)
0.32
0.70
0.60
0.77
0.59
0.52
Net
realized
and
unrealized
gains
(losses)
2.43
5.21
(4.30)
17.44
(2.45)
3.62
Total
from
Investment
Activities
2.75
5.91
(3.70)
18.21
(1.86)
4.14
Distributions
to
Shareholders
from:
Net
investment
income
(0.37)
(0.69)
(0.71)
(0.65)
(0.59)
(0.52)
Net
realized
gains
(2.20)
(2.94)
(3.31)
(1.67)
(1.90)
(3.05)
Total
Distributions
(2.57)
(3.63)
(4.02)
(2.32)
(2.49)
(3.57)
Net
Asset
Value,
End
of
Period
$46.40
$46.22
$43.94
$51.66
$35.77
$40.12
Total
Return(c)(d)
6.08%
13.64%
(7.80)%
52.54%
(4.92)%
12.31%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.59%
0.58%
0.58%
0.58%
0.60%
0.60%
Net
Investment
Income
(Loss)(e)
1.41%
1.53%
1.84%
1.63%
1.64%
1.37%
Gross
Expenses(e)(f)
0.59%
0.58%
0.58%
0.58%
0.60%
0.60%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$4,881,897
$5,229,565
$4,801,212
$5,315,482
$3,306,226
$3,501,630
Portfolio
Turnover(c)(g)
16%
28%
24%
32%
44%
34%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
19
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Sycamore
Established
Value
Fund
Class
R
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$45.34
$43.18
$50.81
$35.23
$39.54
$39.03
Investment
Activities:
Net
investment
income
(loss)(b)
0.20
0.45
0.42
0.52
0.40
0.31
Net
realized
and
unrealized
gains
(losses)
2.39
5.11
(4.21)
17.16
(2.40)
3.57
Total
from
Investment
Activities
2.59
5.56
(3.79)
17.68
(2.00)
3.88
Distributions
to
Shareholders
from:
Net
investment
income
(0.26)
(0.46)
(0.53)
(0.43)
(0.41)
(0.32)
Net
realized
gains
(2.20)
(2.94)
(3.31)
(1.67)
(1.90)
(3.05)
Total
Distributions
(2.46)
(3.40)
(3.84)
(2.10)
(2.31)
(3.37)
Net
Asset
Value,
End
of
Period
$45.47
$45.34
$43.18
$50.81
$35.23
$39.54
Total
Return(c)(d)
5.82%
13.02%
(8.11)%
51.74%
(5.41)%
11.72%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
1.11%
1.10%
1.11%
1.11%
1.12%
1.13%
Net
Investment
Income
(Loss)(e)
0.89%
1.01%
1.31%
1.11%
1.14%
0.84%
Gross
Expenses(e)(f)
1.11%
1.10%
1.11%
1.11%
1.12%
1.13%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$808,895
$818,127
$780,556
$936,593
$633,244
$823,796
Portfolio
Turnover(c)(g)
16%
28%
24%
32%
44%
34%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
20
See
notes
to
financial
statements.
Victory
Sycamore
Established
Value
Fund
Class
R6
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$46.24
$43.96
$51.69
$35.78
$40.13
$39.55
Investment
Activities:
Net
investment
income
(loss)(b)
0.34
0.72
0.61
0.80
0.60
0.52
Net
realized
and
unrealized
gains
(losses)
2.42
5.21
(4.31)
17.45
(2.45)
3.63
Total
from
Investment
Activities
2.76
5.93
(3.70)
18.25
(1.85)
4.15
Distributions
to
Shareholders
from:
Net
investment
income
(0.38)
(0.71)
(0.72)
(0.67)
(0.60)
(0.52)
Net
realized
gains
(2.20)
(2.94)
(3.31)
(1.67)
(1.90)
(3.05)
Total
Distributions
(2.58)
(3.65)
(4.03)
(2.34)
(2.50)
(3.57)
Net
Asset
Value,
End
of
Period
$46.42
$46.24
$43.96
$51.69
$35.78
$40.13
Total
Return(c)(d)
6.10%
13.68%
(7.77)%
52.62%
(4.89)%
12.35%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.54%
0.54%
0.54%
0.54%
0.57%
0.58%
Net
Investment
Income
(Loss)(e)
1.47%
1.58%
1.88%
1.68%
1.68%
1.38%
Gross
Expenses(e)(f)
0.54%
0.54%
0.54%
0.54%
0.57%
0.58%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$9,895,061
$9,353,327
$7,357,481
$7,548,781
$4,499,129
$4,762,844
Portfolio
Turnover(c)(g)
16%
28%
24%
32%
44%
34%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
21
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Sycamore
Established
Value
Fund
Class
Y
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$46.21
$43.94
$51.66
$35.76
$40.11
$39.54
Investment
Activities:
Net
investment
income
(loss)(b)
0.31
0.68
0.58
0.77
0.58
0.50
Net
realized
and
unrealized
gains
(losses)
2.43
5.19
(4.30)
17.45
(2.45)
3.63
Total
from
Investment
Activities
2.74
5.87
(3.72)
18.22
(1.87)
4.13
Distributions
to
Shareholders
from:
Net
investment
income
(0.36)
(0.66)
(0.69)
(0.65)
(0.58)
(0.51)
Net
realized
gains
(2.20)
(2.94)
(3.31)
(1.67)
(1.90)
(3.05)
Total
Distributions
(2.56)
(3.60)
(4.00)
(2.32)
(2.48)
(3.56)
Net
Asset
Value,
End
of
Period
$46.39
$46.21
$43.94
$51.66
$35.76
$40.11
Total
Return(c)(d)
6.04%
13.54%
(7.82)%
52.49%
(4.92)%
12.28%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.66%
0.66%
0.61%
0.61%
0.63%
0.63%
Net
Investment
Income
(Loss)(e)
1.35%
1.48%
1.77%
1.62%
1.63%
1.32%
Gross
Expenses(e)(f)
0.66%
0.66%
0.61%
0.61%
0.63%
0.63%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$845,136
$831,766
$589,519
$873,753
$600,200
$659,111
Portfolio
Turnover(c)(g)
16%
28%
24%
32%
44%
34%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
22
See
notes
to
financial
statements.
Victory
Sycamore
Small
Company
Opportunity
Fund
Class
A
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$47.34
$44.57
$56.52
$37.91
$45.16
$45.91
Investment
Activities:
Net
investment
income
(loss)(b)
0.14
0.16
0.06
0.04
0.17
0.22
Net
realized
and
unrealized
gains
(losses)
3.24
5.20
(5.54)
18.89
(5.14)
4.22
Total
from
Investment
Activities
3.38
5.36
(5.48)
18.93
(4.97)
4.44
Distributions
to
Shareholders
from:
Net
investment
income
(0.18)
(0.13)
(0.05)
(0.17)
(0.20)
(0.10)
Net
realized
gains
(2.85)
(2.46)
(6.42)
(0.15)
(2.08)
(5.09)
Total
Distributions
(3.03)
(2.59)
(6.47)
(0.32)
(2.28)
(5.19)
Net
Asset
Value,
End
of
Period
$47.69
$47.34
$44.57
$56.52
$37.91
$45.16
Total
Return
(excludes
sales
charge)(c)(d)
7.32%
12.08%
(10.95)%
50.11%
(11.80)%
12.10%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
1.27%
1.25%
1.25%
1.24%
1.26%
1.25%
Net
Investment
Income
(Loss)(e)
0.61%
0.33%
0.18%
0.07%
0.43%
0.51%
Gross
Expenses(e)(f)
1.27%
1.25%
1.25%
1.24%
1.26%
1.25%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$304,781
$325,166
$329,556
$424,496
$336,083
$451,310
Portfolio
Turnover(c)(g)
20%
32%
22%
41%
37%
34%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
23
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Sycamore
Small
Company
Opportunity
Fund
Class
I
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$48.08
$45.22
$57.31
$38.40
$45.71
$46.43
Investment
Activities:
Net
investment
income
(loss)(b)
0.24
0.33
0.18
0.22
0.31
0.35
Net
realized
and
unrealized
gains
(losses)
3.30
5.29
(5.63)
19.13
(5.20)
4.28
Total
from
Investment
Activities
3.54
5.62
(5.45)
19.35
(4.89)
4.63
Distributions
to
Shareholders
from:
Net
investment
income
(0.36)
(0.30)
(0.23)
(0.29)
(0.34)
(0.26)
Net
realized
gains
(2.85)
(2.46)
(6.41)
(0.15)
(2.08)
(5.09)
Total
Distributions
(3.21)
(2.76)
(6.64)
(0.44)
(2.42)
(5.35)
Net
Asset
Value,
End
of
Period
$48.41
$48.08
$45.22
$57.31
$38.40
$45.71
Total
Return(c)(d)
7.53%
12.50%
(10.75)%
50.66%
(11.51)%
12.49%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.90%
0.89%
0.89%
0.89%
0.93%
0.92%
Net
Investment
Income
(Loss)(e)
0.99%
0.70%
0.53%
0.41%
0.78%
0.82%
Gross
Expenses(e)(f)
0.90%
0.89%
0.89%
0.89%
0.93%
0.92%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$3,338,505
$3,366,480
$3,211,022
$3,840,013
$2,666,852
$4,584,086
Portfolio
Turnover(c)(g)
20%
32%
22%
41%
37%
34%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
24
See
notes
to
financial
statements.
Victory
Sycamore
Small
Company
Opportunity
Fund
Class
R
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$43.16
$40.87
$52.37
$35.16
$42.05
$43.13
Investment
Activities:
Net
investment
income
(loss)(b)
0.09
0.07
—(c)
(0.05)
0.09
0.13
Net
realized
and
unrealized
gains
(losses)
2.94
4.77
(5.08)
17.52
(4.76)
3.91
Total
from
Investment
Activities
3.03
4.84
(5.08)
17.47
(4.67)
4.04
Distributions
to
Shareholders
from:
Net
investment
income
(0.12)
(0.09)
—
(0.11)
(0.14)
(0.03)
Net
realized
gains
(2.85)
(2.46)
(6.42)
(0.15)
(2.08)
(5.09)
Total
Distributions
(2.97)
(2.55)
(6.42)
(0.26)
(2.22)
(5.12)
Net
Asset
Value,
End
of
Period
$43.22
$43.16
$40.87
$52.37
$35.16
$42.05
Total
Return(d)(e)
7.24%
11.89%
(11.05)%
49.85%
(11.94)%
11.89%
Ratios
to
Average
Net
Assets:
Net
Expenses(f)(g)
1.45%
1.43%
1.42%
1.42%
1.44%
1.44%
Net
Investment
Income
(Loss)(f)
0.41%
0.16%
—%
(0.11)%
0.25%
0.32%
Gross
Expenses(f)(g)
1.45%
1.43%
1.42%
1.42%
1.44%
1.44%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$208,901
$238,440
$209,007
$256,938
$200,617
$279,090
Portfolio
Turnover(d)(h)
20%
32%
22%
41%
37%
34%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Amount
is
less
than
$0.005
per
share.
(d)
Not
annualized
for
periods
less
than
one
year.
(e)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(f)
Annualized
for
periods
less
than
one
year.
(g)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(h)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
25
Victory
Portfolios
For
a
Share
Outstanding
Throughout
Each
Period
Financial
Highlights
—
continued
See
notes
to
financial
statements.
Victory
Sycamore
Small
Company
Opportunity
Fund
Class
R6
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$47.99
$45.15
$57.22
$38.37
$45.66
$46.38
Investment
Activities:
Net
investment
income
(loss)(b)
0.25
0.36
0.19
0.24
0.19
0.36
Net
realized
and
unrealized
gains
(losses)
3.30
5.25
(5.60)
19.10
(5.03)
4.28
Total
from
Investment
Activities
3.55
5.61
(5.41)
19.34
(4.84)
4.64
Distributions
to
Shareholders
from:
Net
investment
income
(0.38)
(0.31)
(0.24)
(0.34)
(0.37)
(0.27)
Net
realized
gains
(2.85)
(2.46)
(6.42)
(0.15)
(2.08)
(5.09)
Total
Distributions
(3.23)
(2.77)
(6.66)
(0.49)
(2.45)
(5.36)
Net
Asset
Value,
End
of
Period
$48.31
$47.99
$45.15
$57.22
$38.37
$45.66
Total
Return(c)(d)
7.57%
12.51%
(10.72)%
50.71%
(11.43)%
12.52%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.85%
0.85%
0.86%
0.85%
0.86%
0.87%
Net
Investment
Income
(Loss)(e)
1.05%
0.75%
0.57%
0.44%
0.48%
0.84%
Gross
Expenses(e)(f)
0.85%
0.85%
0.86%
0.85%
0.86%
0.87%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$3,098,744
$2,950,933
$2,116,606
$2,518,726
$1,625,853
$277,218
Portfolio
Turnover(c)(g)
20%
32%
22%
41%
37%
34%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Victory
Portfolios
Financial
Highlights
—
continued
For
a
Share
Outstanding
Throughout
Each
Period
26
See
notes
to
financial
statements.
Victory
Sycamore
Small
Company
Opportunity
Fund
Class
Y
Six
Months
Ended
December
31,
2023
(Unaudited)
Year
Ended
June
30,
2023
Eight
Months
Ended
June
30,
2022(a)
Year
Ended
October
31,
2021
Year
Ended
October
31,
2020
Year
Ended
October
31,
2019
Net
Asset
Value,
Beginning
of
Period
$47.65
$44.86
$56.88
$38.10
$45.39
$46.13
Investment
Activities:
Net
investment
income
(loss)(b)
0.21
0.31
0.17
0.16
0.24
0.30
Net
realized
and
unrealized
gains
(losses)
3.27
5.22
(5.58)
19.00
(5.16)
4.24
Total
from
Investment
Activities
3.48
5.53
(5.41)
19.16
(4.92)
4.54
Distributions
to
Shareholders
from:
Net
investment
income
(0.32)
(0.28)
(0.19)
(0.23)
(0.29)
(0.19)
Net
realized
gains
(2.85)
(2.46)
(6.42)
(0.15)
(2.08)
(5.09)
Total
Distributions
(3.17)
(2.74)
(6.61)
(0.38)
(2.37)
(5.28)
Net
Asset
Value,
End
of
Period
$47.96
$47.65
$44.86
$56.88
$38.10
$45.39
Total
Return(c)(d)
7.48%
12.40%
(10.78)%
50.55%
(11.65)%
12.31%
Ratios
to
Average
Net
Assets:
Net
Expenses(e)(f)
0.99%
0.98%
0.95%
0.95%
1.08%
1.07%
Net
Investment
Income
(Loss)(e)
0.90%
0.66%
0.50%
0.31%
0.62%
0.69%
Gross
Expenses(e)(f)
0.99%
0.98%
0.95%
0.95%
1.08%
1.07%
Supplemental
Data:
Net
Assets
at
end
of
period
(000's)
$80,284
$83,742
$23,757
$33,276
$16,054
$31,016
Portfolio
Turnover(c)(g)
20%
32%
22%
41%
37%
34%
(a)
The
Fund’s
fiscal
year-end
changed
from
October
31
to
June
30.
(b)
Per
share
net
investment
income
(loss)
has
been
calculated
using
the
average
daily
shares
method.
(c)
Not
annualized
for
periods
less
than
one
year.
(d)
Assumes
reinvestment
of
all
net
investment
income
and
realized
capital
gain
distributions,
if
any,
during
the
period.
Includes
adjustments
in
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
and
could
differ
from
the
reported
return.
(e)
Annualized
for
periods
less
than
one
year.
(f)
Does
not
include
acquired
fund
fees
and
expenses,
if
any.
(g)
Portfolio
turnover
is
calculated
on
the
basis
of
the
Fund
as
a
whole
without
distinguishing
between
the
classes
of
shares.
Notes
to
Financial
Statements
December
31,
2023
Victory
Portfolios
27
(Unaudited)
1.
Organization:
Victory
Portfolios
(the
“Trust”)
is
organized
as
a
Delaware
statutory
trust and
the Trust
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
investment
company.
The
Trust
is
comprised
of 37
funds
and
is
authorized
to
issue
an
unlimited
number
of
shares,
which
are
units
of
beneficial
interest
with a
par
value
of
$0.001
per
share.
The
accompanying
financial
statements
are
those
of
the
following two
Funds
(collectively,
the
“Funds”
and
individually,
a
“Fund”).
Each
Fund is
classified
as
diversified
under
the
1940
Act.
*
The
Funds
are
generally
closed
to
new
investors.
The
Funds
will
continue
to
be
available
for
investment
(by
direct
purchase
or
exchange)
by
the
following:
existing
shareholders,
investors
that
purchase
shares
through
certain
intermediaries,
retirement
plans
that
purchase
shares
through
certain
record
keepers,
and
current
and
retired
Fund
trustees,
officers,
employees
of
Victory
Capital
Management
Inc.
(“VCM”
or
the
“Adviser”)
and
affiliated
providers,
and
their
family
members.
Each
class
of
shares
of
a
Fund
has
substantially
identical
rights
and
privileges
except
with
respect
to
sales
charges,
fees
paid
under
distribution
plans,
expenses
allocable
exclusively
to
each
class
of
shares,
voting
rights
on
matters
solely
affecting
a
single
class
of
shares,
and
the
exchange
privilege
of
each
class
of
shares. VCM
is
an
indirect
wholly
owned
subsidiary
of
Victory
Capital
Holdings,
Inc.,
a
publicly
traded
Delaware
corporation,
and
a
wholly
owned
direct
subsidiary
of
Victory
Capital
Operating,
LLC.
On May
19,
2022,
the
Board
of
Trustees
(the
“Board”) approved
the
fiscal
year-end
change
for
the
Funds
from
October
31
to
June
30.
The
accompanying
financial
statements
reflect
this
change
in
fiscal
year-end.
Under
the
Trust’s
organizational
documents,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Funds.
In
addition,
in
the
normal
course
of
business,
the
Funds
enter
into
contracts
with
their
vendors
and
others
that
provide
for
general
indemnifications.
The Funds’
maximum
exposure
under
these
arrangements
is
unknown,
as
this
would
involve
future
claims
that
may
be
made
against
the
Funds.
However,
based
on
experience,
the
Funds
expect
that
risk
of
loss
to
be
remote.
2.
Significant
Accounting
Policies:
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the Funds
in
the
preparation
of their
financial
statements.
 The
policies
are
in
conformity
with
U.S.
Generally
Accepted
Accounting
Principles
(“GAAP”).
The
preparation
of
financial
statements
in
accordance
with
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
for
the
period.
Actual
results
could
differ
from
those
estimates.
The
Funds
follow
the
specialized
accounting
and
reporting
requirements
under
GAAP
that
are
applicable
to
investment
companies
under
Accounting
Standards
Codification
Topic
946.
Investment
Valuation:
The
Funds
record
investments
at
fair
value.
Fair
value
is
defined
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
valuation
techniques
described
below
maximize
the
use
of
observable
inputs
and
minimize
the
use
of
unobservable
inputs
in
determining
fair
value.
The
inputs
used
for
valuing
the
Funds’
investments
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
quoted
prices
(unadjusted)
in
active
markets
for
identical
securities
Level
2
—
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
or
credit
spreads,
applicable
to
those
securities,
etc.)
Level
3
—
significant
unobservable
inputs
(including
the
Adviser’s
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
in
or
out
of
an
assigned
level
within
the
disclosure
hierarchy.
The
inputs
or
methodologies
used
for
valuation
techniques
are
not
necessarily
an
indication
of
the
risks
associated
with
entering
into
those
investments.
The
Adviser,
appointed
as the
valuation
designee
by the
Board,
has
established
the
Pricing
and
Liquidity
Committee
(the
“Committee”),
and
subject
to Board
oversight,
the
Committee
administers
and
oversees
the
Funds’
valuation
policies
and
procedures,
which
were
approved
by
the
Board.
Portfolio
securities
listed
or
traded
on
securities
exchanges,
including
Exchange-Traded
Funds
(“ETFs”),
and
American
Depositary
Receipts,
are
valued
at
the
last
sale
price
on
the
exchange
or
system
where
the
security
is
principally
traded,
if
available,
or
at
the
Nasdaq
Official
Closing
Price.
If
there
have
been
no
sales
for
that
day
on
the
exchange
or
system,
then
a
security
is
valued
at
the
closing bid
quotation
on
the
exchange
or
system
where
the
security
is
principally
traded.
In
each
of
these
situations,
valuations
are
typically
categorized
as
Level
1
in
the
fair
value
hierarchy.
Investments
in
open-end
investment
companies,
other
than
ETFs, are
valued
at their
net
asset
value
(“NAV”).
These
valuations
are
typically
categorized
as
Level
1 in
the
fair
value
hierarchy.
In
the
event
that
price
quotations
or
valuations
are
not
readily
available,
investments
are
valued
at
fair
value
in
accordance
with
procedures
established
by
and
under
the
general
supervision
and
responsibility
of
the
Board.
These
valuations
are
typically
categorized
as
Level
2
or
Level
Funds
(Legal
Name)*
Funds
(Short
Name)
Investment
Share
Classes
Offered
Victory
Sycamore
Established
Value
Fund
Sycamore
Established
Value
Fund
A,
C,
I,
R,
R6,
and
Y
Victory
Sycamore
Small
Company
Opportunity
Fund
Sycamore
Small
Company
Opportunity
Fund
A,
I,
R,
R6,
and
Y
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
28
(Unaudited)
3
in
the
fair
value
hierarchy,
based
on
the
observability
of
inputs
used
to
determine
the
fair
value.
The
effect
of
fair
value
pricing
is
that
securities
may
not
be
priced
on
the
basis
of
quotations
from
the
primary
market
in
which
they
are
traded
and
the
actual
price
realized
from
the
sale
of
a
security
may
differ
materially
from
the
fair
value
price.
Valuing
these
securities
at
fair
value
is
intended
to
cause
the
Funds’
NAV to
be
more
reliable
than
it
otherwise
would
be.
A
summary
of
the
valuations
as
of
December
31,
2023,
based
upon
the
three
levels
defined
above,
is
included
in
the
table
below
while
the
breakdown,
by
category,
of
investments
is
disclosed
on
the
Schedules
of
Portfolio
Investments
(amounts
in
thousands):
As
of December
31,
2023,
there
were
no
significant transfers
into/out
of
Level
3.
Real
Estate
Investment
Trusts
(“REITs”):
The
Funds
may
invest
in
REITs,
which
report
information
on
the
source
of
their
distributions
annually.
REITs
are
pooled
investment
vehicles
that
invest
primarily
in
income-producing
real
estate
or
real
estate
related
loans
or
interests
(such
as
mortgages).
Certain
distributions
received
from
REITs
during
the
year
are
recorded
as
realized
gains
or
return
of
capital
as
estimated
by
the
Funds
or
when
such
information
becomes
known.
Investment
Companies:
Exchange-Traded
Funds:
The Funds
may
invest
in
ETFs,
the
shares
of
which
are
bought
and
sold
on
a
securities
exchange.
An
ETF
trades
like
common
stock
and
represents
a
fixed
portfolio
of
securities
often
designed
to
track
the
performance
and
dividend
yield
of
a
particular
domestic
or
foreign
market
index.
Among
other
purposes,
the
Funds
may
purchase
shares
of
an
ETF
to
temporarily
gain
exposure
to
a
portion
of
the
U.S.
or
a
foreign
market
while
awaiting
purchase
of
underlying
securities.
The
risks
of
owning
an
ETF
generally
reflect
the
risks
of
owning
the
underlying
securities
the
ETF
is
designed
to
track,
although
the
lack
of
liquidity
of
an
ETF
could
result
in
it
being
more
volatile.
Additionally,
ETFs
have
fees
and
expenses
that
reduce
their
value.
Open-End
Funds:
The
Funds
may
invest
in
portfolios
of
open-end
investment
companies.
These
investment
companies
value
securities
in
their
portfolios
for
which
market
quotations
are
readily
available
at
their
market
values
(generally
the
last
reported
sale
price)
and
all
other
securities
and
assets
at
their
fair
value
by
the
methods
established
by
the
board
of
directors
of
the
underlying
funds.
Investment
Transactions
and
Related
Income:
Changes
in
holdings
of
investments
are
accounted
for
no
later
than
one
business
day
following
the
trade
date.
For
financial
reporting
purposes,
however,
investment
transactions
are
accounted
for
on
trade
date
or
the
last
business
day
of
the
reporting
period.
Interest
income
is
determined
on
the
basis
of
coupon
interest
accrued
and
recorded
daily
 using
the
effective
interest
method
which
adjusts,
where
applicable,
the
amortization
of
premiums
or
accretion
of
discounts. Dividend
income
is
recorded
on
the
ex-dividend
date.
Non-cash
dividends
included
in
income,
if
any,
are
recorded
at
the
fair
value
of
the
securities
received. Gains
or
losses
realized
on
sales
of
securities
are
recorded
on
the
identified
cost
basis.
Withholding
taxes
on
interest,
dividends,
and
gains
as
a
result
of
certain
investments
by
the
Funds
have
been
provided
for
in
accordance
with
each
investment’s
applicable
country’s
tax
rules
and
rates.
Securities
Lending:
The
Funds, through
a Securities
Lending
Agreement with
Citibank,
N.A.
(“Citibank”), may
lend
their
securities
to
qualified
financial
institutions,
such
as
certain
broker-dealers
and
banks,
to
earn
additional
income,
net
of
income
retained
by
Citibank. 
Borrowers
are
required
to
initially
secure
their
loans for
collateral
in
the
amount
of
at
least
102%
of
the
value
of
U.S.
securities
loaned
or
at
least
105%
of
the
value
of
non-U.S.
securities
loaned,
marked-to-market
daily.
Any
collateral
shortfalls
associated
with
increases
in
the
valuation
of
the
securities
Level
1
Level
2
Level
3
Total
Sycamore
Established
Value
Fund
Common
Stocks
...............................................
$
17,664,100
$
—
$
—
$
17,664,100
Exchange-Traded
Funds
.........................................
135,478
—
—
135,478
Collateral
for
Securities
Loaned
...................................
1,518
—
—
1,518
Total
.......................................................
$
17,801,096
$
—
$
—
$
17,801,096
Sycamore
Small
Company
Opportunity
Fund
Common
Stocks
...............................................
6,867,003
—
—
6,867,003
Exchange-Traded
Funds
.........................................
73,782
—
—
73,782
Collateral
for
Securities
Loaned
...................................
6,841
—
—
6,841
Total
.......................................................
$
6,947,626
$
—
$
—
$
6,947,626
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
29
(Unaudited)
loaned
are
generally
cured the
next
business
day.
The
collateral
can
be
received
in
the
form
of
cash
collateral
and/or
non-cash
collateral.
Non-
cash
collateral
can
include
U.S.
Government
Securities and
other
securities
as
permitted
by
Securities
and
Exchange
Commission
(“SEC”)
guidelines.
The
cash
collateral
is
invested
in
short-term
instruments
or
cash
equivalents,
primarily
open-end
investment
companies,
as
noted
on
the
Funds’
Schedules
of
Portfolio
Investments.
The
Funds
effectively
do not
have
control
of
the
non-cash
collateral
and
therefore
it
is
not
disclosed
on
the
Funds’
Schedules
of
Portfolio
Investments.
Collateral
requirements
are
determined
daily
based
on
the
value
of
the
Funds’
securities
on
loan
as
of
the
end
of
the prior
business
day. 
During
the
time
portfolio
securities
are
on
loan,
the
borrower
will
pay
the
Funds
any
dividends
or
interest
paid
on
such
securities
plus
any
fee
negotiated
between
the
parties
to
the
lending
agreement.
The
Funds
also
earn
a
return
from
the
collateral.
The
Funds
pay
Citibank
various
fees
in
connection
with
the
investment
of
cash
collateral
and
fees
based
on
the
investment
income
received
from
securities
lending
activities.
Securities
lending
income
(net
of
these
fees)
is
disclosed
on
the
Statements
of
Operations.
Loans
are
terminable
upon
demand
and
the
borrower
must
return
the
loaned
securities
within
the
lesser
of
one
standard
settlement
period
or
five
business
days. 
Although
risk
is
mitigated
by
the
collateral, a
Fund could
experience
a
delay
in
recovering
its
securities
and
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
them.
In
addition,
there
is
a
risk that
the
value
of
the
short-term
investments
will
be
less
than
the
amount
of
cash
collateral
required
to
be
returned
to
the
borrower.
The
Funds’
agreement
with
Citibank
does
not
include
master
netting
provisions.
Non-cash
collateral
received
by
the
Funds
may
not
be
sold
or
repledged,
except
to
satisfy
borrower
default.
The
following
table
(amounts
in
thousands)
is
a
summary
of
the
Funds’
securities
lending
transactions
as
of
December
31,
2023.
Federal
Income
Taxes:
Each
Fund
intends
to
continue
to
qualify
as
a
regulated
investment
company
by
complying
with
the
provisions
available
to
certain
investment
companies,
as
defined
in
applicable
sections
of
the
Internal
Revenue
Code,
and
to
make
distributions
of
net
investment
income
and
net
realized
gains
sufficient
to
relieve
it
from
all,
or
substantially
all,
federal
income
taxes.
Accordingly,
no
provision
for
federal
income
taxes
is
required
in
the
financial
statements.
The
Funds
have
a
tax
year
end
of
June
30.
For
the
six
months
ended
December
31,
2023,
the
Funds
did
not
incur
any
income
tax,
interest,
or
penalties,
and
have
recorded
no
liability
for
net
unrecognized
tax
benefits
relating
to
uncertain
tax
positions.
Management
of
the
Funds
has
reviewed
tax
positions
taken
in
tax
years
that
remain
subject
to
examination
by
all
major
tax
jurisdictions,
including
federal
(i.e.,
the
last
four
tax
years,
which
includes
the
current
fiscal
tax
year
end).
Management
believes
that
there
is
no
tax
liability
resulting
from
unrecognized
tax
benefits
related
to
uncertain
tax
positions
taken.
Allocations:
Expenses
directly
attributable
to a
Fund
are
charged
to that
Fund,
while
expenses
that
are
attributable
to
more
than
one
fund
in
the
Trust,
or
jointly
with
an
affiliated
trust,
are
allocated
among
the
respective
funds
in
the
Trust
and/or
an
affiliated
trust
based
upon
net
assets
or
another
appropriate
basis.
Income,
expenses
(other
than
class-specific
expenses
such
as
transfer
agent
fees,
state
registration
fees,
printing
fees,
and
12b-1
fees),
and
realized
and
unrealized
gains
or
losses
on
investments
are
allocated
to
each
class
of
shares
based
on
its
relative
net
assets
on
the
date
income
is
earned
or
expenses
and
realized
and
unrealized
gains
and
losses
are
incurred.
3.
Purchases
and
Sales:
Purchases
and sales
of
securities
(excluding
securities
maturing
less
than
one
year
from
acquisition)
for
the
six
months
ended
December
31,
2023,
were
as
follows
(amounts
in
thousands):
4.
Fees
and
Transactions
with
Affiliates
and
Related
Parties:
Investment
Advisory
Fees: 
Investment
advisory
services
are
provided
to
the
Funds
by
the
Adviser,
which
is
a
New
York
corporation
registered
as
an
investment
adviser
with
the
SEC.
Value
of
Securities
on
Loan
Non-Cash
Collateral
Cash
Collateral
Sycamore
Established
Value
Fund
.....................................
$
1,478
$
—
$
1,518
Sycamore
Small
Company
Opportunity
Fund
.............................
6,566
—
6,841
Excluding
U.S.
Government
Securities
Purchases
Sales
Sycamore
Established
Value
Fund
..............................................................
$
2,669,517
$
3,300,638
Sycamore
Small
Company
Opportunity
Fund
......................................................
1,316,096
1,631,559
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
30
(Unaudited)
Under
the
terms
of
the
Investment
Advisory
Agreement,
the
Adviser
is
entitled
to
receive
fees
accrued
daily
and
paid
monthly
at
an
annualized
rate
based
on
a
percentage
of
the
average
daily
net
assets
of
each
Fund. The
rates
at
which
the
Adviser
is
paid
by
each
Fund
are
included
in
the
table
below.
Amounts
incurred
and
paid
to
VCM
for
the
six
months ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Investment
advisory
fees.
Administration
and
Servicing
Fees:
VCM
also
serves
as
the
Funds’
administrator
and
fund
accountant.
Under
the
Administration
and
Fund
Accounting
Agreement,
VCM
is
paid
an
administration
fee
based
on
a
percentage
of
the
average
daily
net
assets
of
the
Trust,
Victory
Variable
Insurance
Funds
and
Victory
Portfolios
II.
The
tiered
rates
at
which
VCM
is
paid
by
the
Funds
are
shown
in
the
table
below:
Amounts
incurred
for
the
six
months
ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Administration
fees.
Citi
Fund
Services
Ohio,
Inc.
(“Citi”),
an
affiliate
of
Citibank,
acts
as
sub-administrator
and
sub-fund
accountant
to
the
Funds
pursuant
to
the
Sub-Administration
and
Sub-Fund
Accounting
Services
Agreement
between
VCM
and
Citi.
VCM
pays
Citi
a
fee
for
providing
these
services.
The Funds
reimburse
VCM
and
Citi
for
out-of-pocket
expenses
incurred
in
providing
these
services
and
certain
other
expenses
specifically
allocated
to
the
Funds.
Amounts
incurred
for
the six
months
ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Sub-
Administration
fees.
The
Funds
(as
part
of
the
Trust)
have
entered
into
an
agreement
with
the
Adviser
to
provide
compliance
services,
pursuant
to
which
the
Adviser
furnishes
its
compliance
personnel,
including
the
services
of
the
Chief
Compliance
Officer
(“CCO”),
and
other
resources
reasonably
necessary
to
provide
the
Trust
with
compliance
oversight
services
related
to
the
design,
administration,
and
oversight
of
a
compliance
program
for
the
Trust
in
accordance
with
Rule
38a-1
under
the
1940
Act.
The
CCO
is
an
employee
of
the
Adviser,
which
pays
the
compensation
of
the
CCO
and
support
staff.
The
funds
in
the
Trust,
Victory
Variable
Insurance
Funds,
Victory
Portfolios
II
and
Victory
Portfolios
III (collectively,
the
“Victory
Funds
Complex”),
in
aggregate,
compensate
the
Adviser
for
these
services.
Amounts
incurred
for
the six
months
ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Compliance
fees.
Transfer
Agency
Fees: 
FIS
Investor
Services,
LLC
(“FIS”)
serves
as
the
Funds’
transfer
agent.
Under
the
Transfer
Agent
Agreement,
the
Trust
pays
FIS
a
fee
for
its
services
and
reimburses
FIS
for
all
of
their
reasonable
out-of-pocket
expenses
incurred
in
providing
these
services. 
Amounts
incurred
for
the
six
months ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Transfer
agent
fees.
Sub-Transfer
Agency
Fees:
The
Funds
have
entered
into
Sub-Transfer
Agency
Agreements
with
financial
intermediaries
that
provide
recordkeeping,
processing,
shareholder
communications
and
other
services
to
customers
of
the
intermediaries
that
hold
positions
in
the
Funds
and
have
agreed
to
compensate
the
intermediaries
for
providing
those
services.
Intermediaries
transact
with
the
Funds
primarily
through
the
use
of
omnibus
accounts
on
behalf
of
their
customers
who
hold
positions
in
the
Funds.
These
services
would
have
been
provided
by
the
Funds’
transfer
agent
and
other
service
providers
if
the
shareholders’
accounts
were
maintained
directly
at
the
Funds’
transfer
agent.
Amounts
incurred
for
the
six
months ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Sub-Transfer
agent
fees.
Distributor/Underwriting
Services:
Victory
Capital
Services,
Inc.
(the
“Distributor”),
an
affiliate
of
the
Adviser,
serves
as
Distributor
for
the
continuous
offering
of
the
shares
of
the
Funds
pursuant
to
a
Distribution
Agreement
between
the
Distributor
and
the
Trust.
Pursuant
to
the
Distribution
and
Service
Plans
adopted
in
accordance
with
Rule
12b-1
under
the
1940
Act,
the
Distributor
may
receive
a
monthly
distribution
and
service
fee
up
to
the
annual
rate
shown
in
the
table
below:
Adviser
Fee
Tier
Rates
Up
to
$100
million
$100
million
-$200
million
Over
$200
million
Sycamore
Established
Value
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.65%
0.55%
0.45%
Up
to
$500
million
Over
$500
million
Sycamore
Small
Company
Opportunity
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.85%
0.75%
Net
Assets
Up
to
$15
billion
$15
billion
—
$30
billion
Over
$30
billion
0.08%,
plus
0.05%,
plus
0.04%
Class
A
Class
C
Class
R
Sycamore
Established
Value
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.25%
1.00%
0.50%
Sycamore
Small
Company
Opportunity
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.25%
N/A
0.50%
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
31
(Unaudited)
The
distribution
and
service
fees
paid
to
the
Distributor
may
be
used
by
the
Distributor
to
pay
for
activities
primarily
intended
to
result
in
the
sale
of
Class
A,
Class
C,
and
Class
R.
Amounts
incurred
for
the
six
months
ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
12b-1
fees.
In
addition,
the
Distributor
is
entitled
to
receive
commissions
in
connection
with sales
of
the
Class
A.
For
the
six
months
ended
December
31,
2023,
the
Distributor
received
the
following
(amounts
in thousands)
from
commissions
earned
in
connection with
sales
of
Class
A: 
Other
Fees:
Citibank
serves
as
the
Funds’
custodian.
The
Funds
pay
Citibank
a
fee
for
providing
these
services.
Amounts
incurred
for
the six
months
ended
December
31,
2023,
are
reflected
on
the
Statements
of
Operations
as
Custodian
fees.
Sidley
Austin
LLP
provides
legal
services
to
the
Trust.
The
Adviser
has
entered
into
an
expense
limitation
agreement
with
the
Trust.  Under
the
terms
of
the
agreement,
the
Adviser
has
agreed
to
waive
fees
or
reimburse
certain
expenses
to
the
extent
that
ordinary
operating
expenses
incurred
by
certain
classes
of
the
Funds
in
any
fiscal
year
exceed
the
expense
limits
for the
Funds.
Such
excess
amounts
will
be
the
liability
of
the
Adviser.
Acquired
fund
fees
and
expenses,
interest,
taxes,
brokerage
commissions,
other
expenditures which
are
capitalized
in
accordance
with
GAAP,
and
other
extraordinary
expenses
not
incurred
in
the
ordinary
course
of the
Funds’
business
are
excluded
from
the
expense
limits.
As
of
December
31,
2023,
the
expense
limits
(excluding
voluntary
waivers) are
as
follows:
Under
the
terms
of
the
expense
limitation agreement, the Funds
have
agreed
to
repay
fees
and
expenses
that
were
waived
or
reimbursed
by
the
Adviser
for
a
period
of
up
to
three
years
(thirty-six
(36)
months)
after
the
waiver
or
reimbursement
took
place,
subject
to
the
lesser
of
any
operating
expense
limits
in
effect
at
the
time
of:
(a)
the
original
waiver
or
expense
reimbursement;
or
(b)
the
recoupment,
after
giving
effect
to
the
recoupment
amount.
The
Funds
have
not
recorded
any
amounts
available
to
be
repaid
to
the
Adviser
as
a
commitment
and
contingency
liability
due
to
an
assessment
that
such
repayments
are
not
probable
at
December
31,
2023.
As
of December
31,
2023,
the
Funds
had
no amounts available
to
be
repaid
to
the
Adviser.
The
Adviser
may
voluntarily
waive
or
reimburse
additional
fees
to
assist
the
Funds
in
maintaining
competitive
expense
ratios.
Voluntary
waivers
and
reimbursements
applicable
to
the
Funds
are
not
available
to
be
recouped
at
a
future
time.
There
were
no
voluntary
waivers
or
reimbursements
for
the six
months
ended
December
31,
2023.
The
Funds
have
adopted
a
Deferred
Compensation
Agreement
(the
“Agreement”)
for
their
Trustees
and
any
Advisory
Trustees
who
receive
compensation
from
the
Funds.
Under
the
terms
of
the
Agreement,
a
Trustee
or
Advisory
Trustee
may
elect
to
defer
all
or
a
portion
of
their
compensation.
Amounts
deferred
may
be
allocated
to
investment
options
that
are
specified
in
the
Agreement
as
selected
by
the
Trustee
or
Advisory
Trustee,
including
certain
Victory
Funds,
in
which
their
deferred
accounts
are
deemed
invested.
Deferred
compensation
liability
under
the
Agreement
constitutes
a
general
unsecured
obligation
for
an
applicable
Victory
Fund.
For
the
six
months ended December
31,
2023,
no
material
amounts
have
been
deferred,
and,
therefore,
have
not
been
included
in
the
Funds’
Statements
of
Assets
and
Liabilities.
Certain
officers
and/or
interested
trustees
of
the
Funds
are
also
officers
and/or
employees
of
the
Adviser,
administrator,
fund
accountant,
sub-
administrator,
sub-fund
accountant,
custodian,
legal
counsel, and
Distributor.
5.
Risks:
The
Funds
may
be
subject
to
other
risks
in
addition
to
these
identified
risks.
Equity
Risk
—
The
value
of
the
equity
securities
in
which
the
Funds
invest
may
decline
in
response
to
developments
affecting
individual
companies
and/or
general
economic
conditions
in
the
United
States
or
abroad.
A
company’s
earnings
or
dividends
may
not
increase
as
expected
(or
may
decline)
because
of
poor
management,
competitive
pressures,
reliance
on
particular
suppliers
or
geographical
regions,
labor
problems
or
shortages,
corporate
restructurings,
fraudulent
disclosures,
man-made
or
natural
disasters,
military
confrontations
or
wars,
terrorism,
public
health
crises,
or
other
events,
conditions,
and
factors.
Price
changes
may
be
temporary
or
last
for
extended
periods.
Market
Risk
—
Overall
market
risks
may
affect
the
value
of
the
Funds.
Domestic
and
international
factors
such
as
political
events,
war,
terrorism,
trade
disputes,
inflation
rates,
interest
rate
levels,
and
other
fiscal
and
monetary
policy
changes;
cybersecurity
incidents,
pandemics,
Amount
Sycamore
Established
Value
Fund
.........................................................................
$
4
Sycamore
Small
Company
Opportunity
Fund
.................................................................
—(a)
(a)
Rounds
to
less
than
$1
thousand.
In
effect
until
October
31,
2024
Class
C
Class
Y
Sycamore
Established
Value
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
1.84%
N/A
Sycamore
Small
Company
Opportunity
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
N/A
1.15%
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
32
(Unaudited)
and
other
public
health
crises;
sanctions
against
a
particular
foreign
country,
its
nationals,
businesses,
or
industries;
and
related
geopolitical
events,
as
well
as
environmental
disasters
such
as
earthquakes,
fires,
and
floods,
or
other
catastrophes,
may
add
to
instability
in
global
economies
and
markets
generally,
and
may
lead
to
increased
market
volatility.
Global
economies
and
financial
markets
are
highly
interconnected,
which
increases
the
possibility
that
conditions
in
one
country
or
region
might
adversely
affect
issuers
in
another
country
or
region.
The
impact
of
these
and
other
factors
may
be
short-term
or
may
last
for
extended
periods.
Small-Capitalization
Stock
Risk
—
The
Fund
is
subject
to
small-cap
company
risk,
which
is
the
greater
risk
of
investing
in
smaller,
less
well-known
companies,
as
opposed
to
investing
in
established
companies
with
proven
track
records.
Small-cap
companies
also
may
have
limited
product
lines,
markets,
or
financial
resources.
Securities
of
such
companies
may
be
less
liquid
and
more
volatile
than
securities
of
larger
companies
or
the
market
in
general
and,
therefore,
may
involve
greater
risk
than
investing
in
the
securities
of
larger
companies.
Mid-Capitalization
Stock
Risk
—
Mid-sized
companies
may
be
subject
to
a
number
of
risks
not
associated
with
larger,
more
established
companies,
potentially
making
their
stock
prices
more
volatile
and
increasing
the
risk
of
loss.
6.
Borrowing
and
Interfund
Lending:
Line
of
Credit:
The
Victory
Funds
Complex
participates
in
a
short-term
demand
note
“Line
of
Credit”
agreement
with
Citibank.
Under
the
agreement
with
Citibank,
the
Victory
Funds
Complex
may
borrow
up
to
$600
million,
of
which
$300
million
is
committed
and
$300
million
is
uncommitted.
$40
million
of
the
Line
of
Credit
is
reserved
for
use
by
the
Victory
Floating
Rate
Fund,
another
series
of
the
Victory
Funds
Complex,
with
Victory
Floating
Rate
Fund
paying
the
related
commitment
fees
for
that
amount.
The
purpose
of
the
Line
of
Credit
is
to
meet
temporary
or
emergency
cash
needs.
For
the six
months
ended
December
31,
2023,
Citibank
received
an
annual
commitment
fee
of
0.15%
on
$300
million
for
providing
the
Line
of
Credit.
Each
Fund
in
the
Victory
Funds
Complex
paid
a
pro-rata
portion
of
the
commitment
fees
plus
any
interest
on
amounts
borrowed.
Interest
is
based
on
the
one-month Secured
Overnight
Financing
Rate
(SOFR)
plus
1.10
percent.
Effective
June
27,
2023,
the
agreement
was
renewed
with
a
termination
date
of
June
24,
2024,
and
the
annual
commitment
fee
of
0.15%
remained
unchanged. Interest
charged
to each
Fund during
the
period,
if
applicable,
is
reflected
on
the
Statements
of
Operations
under
Line
of
credit
fees.
The
Funds
had
no
borrowings
under the
Line
of
Credit
agreement
during
the
six
months
ended
December
31,
2023.
Interfund
Lending:
The
Trust
and
the
Adviser
rely
on
an
exemptive
order
granted
by
the
SEC
in
March
2017
(the
“Order”),
permitting
the
establishment
and
operation
of
an
Interfund
Lending
Facility
(the
“Facility”).
The
Facility
allows
each
Fund
to
directly
lend
and
borrow
money
to
or
from
any
other
fund
in
the
Victory
Funds
Complex
that
is
permitted
to
participate
in
the
Facility,
relying
upon
the
Order
at
rates
beneficial
to
both
the
borrowing
and
lending
funds.
Advances
under
the
Facility
are
allowed
for
temporary
or
emergency
purposes,
including
the
meeting
of
redemption
requests
that
otherwise
might
require
the
untimely
disposition
of
securities,
and
are
subject
to
each
Fund’s
borrowing
restrictions.
The
interfund
loan
rate
is
determined,
as
specified
in
the
Order,
by
averaging
the
current
repurchase
agreement
rate
and
the
current
bank
loan
rate.
As
a
Borrower
(as
defined
in
the
Order),
interest
charged
to
each
Fund,
if
any,
during
the
period,
is
reflected
on
the
Statements
of
Operations
under
Interfund
lending
fees.
As
a
Lender
(as
defined
in
the
Order),
interest
earned
by
each
Fund,
if
any,
during
the
period,
is
reflected
on
the
Statements
of
Operations
under
Interfund
lending.
The
average
borrowing
or
lending
for
the
days
outstanding
and
average
interest
rate
for
the
Funds
that
utilized
this
Facility
during
the
six
months
ended
December
31,
2023,
were
as
follows
(amounts
in
thousands):
*
Based
on
the
number
of
days
borrowings
were
outstanding
for
the
six
months
ended
December
31,
2023.
7.
Federal
Income
Tax
Information:
Dividends
from
net
investment
income,
if
any,
are
declared
and
paid
as
noted
in
the
table
below.
Distributable
net
realized
gains,
if
any,
are
declared
and
distributed
at
least
annually
from
each
Fund. 
The
amounts
of
dividends
from
net
investment
income
and
distributions
from
net
realized
gains
(collectively,
distributions
to
shareholders)
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
To
the
extent
these
“book/tax”
differences
are
permanent
in
nature
(e.g.,
net
operating
loss
and
distribution
reclassification),
such
amounts
are
reclassified
within
the
components
of
net
assets
based
on
their
federal
tax-basis
treatment;
temporary
differences
(e.g.,
wash
sales)
do
not
require
reclassification.
To
the
extent
dividends
and
Borrower
or
Lender
Amount
Outstanding
at
December
31,
2023
Average
Borrowing*
Average
Interest
Rate*
Maximum
Borrowing
During
the
Period
Sycamore
Established
Value
Fund
........................
Lender
$
—
$
5,920
5.79%
$
23,199
Declared
Paid
Sycamore
Established
Value
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Quarterly
Quarterly
Sycamore
Small
Company
Opportunity
Fund
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Annually
Annually
Notes
to
Financial
Statements
—
continued
December
31,
2023
Victory
Portfolios
33
(Unaudited)
distributions
exceed
net
investment
income
and
net
realized
gains
for
tax
purposes,
they
are
reported
as
distributions
of
capital.
Net
investment
losses
incurred
by
the
Funds
may
be
reclassified
as
an
offset
to
capital
on
the
accompanying
Statement
of
Assets
and
Liabilities.
The
tax
character
of
current
year
distributions
paid
and
the
tax
basis
of
the
current
components
of
accumulated
earnings
(loss)
will
be
determined
at
the
end
of
the
current
tax
year.
At
the
tax
year
ended
June
30,
2023,
the
Funds
had
no
capital
loss
carryforward
for
federal
income
tax
purposes.
8.
Affiliated
Securities:
An
affiliated
security
is
a
security
in
which
a
Fund
has
ownership
of
at
least
5%
of
the
security’s
outstanding
voting
shares, an
investment
company
managed
by
VCM,
or
an
issuer
under
common
control
with
a
Fund
or
VCM.
The
Funds
do
not
invest
in
affiliated securities
for
the
purpose
of
exercising
management
or
control.  These
securities
are
noted
as
affiliated
on a
Fund’s
Schedule
of
Portfolio
Investments.
Transactions
in
affiliated
securities
during
the
six
months
ended
December
31,
2023,
were
as
follows
(amounts
in
thousands):
9.
New
Regulatory
Pronouncement:
In
October
2022,
the
SEC
adopted
the
Tailored
Shareholder
Reports
Rule
and
form
amendments
that
require,
among
other
things,
mutual
funds
and
ETFs
to
prepare
and
transmit
streamlined
annual
and
semi-annual
shareholder
reports.
In
connection
with
these
amendments,
certain
information
that
was
previously
disclosed
in
shareholder
reports
will
instead
be
made
available
online,
delivered
free
of
charge
upon
request,
and
filed
with
the
SEC
on
a
semi-annual
basis.
Also
in
connection
with
these
amendments,
annual
and
semi-annual
reports
will
be
provided
directly
to
shareholders,
either
in
paper
or
(if
the
shareholder
has
so
elected)
electronically.
Compliance
with
the
rule
and
form
amendments
begins
in
July
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Funds.
Fair
Value
6/30/2023
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gains
(Losses)
Capital
Gain
Distributions
Net
Change
in
Unrealized
Appreciation/
Depreciation
Fair
Value
12/31/2023
Dividend
Income
Sycamore
Small
Company
Opportunity
Fund
AdvanSix,
Inc.
...............
$
44,529
$
18,128
$
—
$
—
$
—
$
(7,081)
$
55,576
$
515
AMERISAFE,
Inc.
............
54,386
512
—
—
—
(6,715)
48,183
4,302
Astec
Industries,
Inc.
..........
67,251
—
(2,574)
(1,360)
—
(10,679)
52,638
382
Kaiser
Aluminum
Corp.
........
60,536
6,327
(1,348)
(293)
—
(439)
64,783
1,367
Safety
Insurance
Group,
Inc.
.....
57,734
4,600
(919)
(252)
—
4,188
65,351
1,568
ScanSource,
Inc.
.............
43,778
—
(7,629)
1,109
—
13,245
50,503
—
The
E.W.
Scripps
Co.,
Class
A
....
49,181
—
(7,477)
(13,792)
—
5,646
33,558
—
Viad
Corp.
..................
35,129
—
(1,414)
(590)
—
12,668
45,793
—
$
412,524
$
29,567
$
(21,361)
$
(15,178)
$
—
$
10,833
$
416,385
$
8,134
Supplemental
Information
December
31,
2023
Victory
Portfolios
34
(Unaudited)
Proxy
Voting
and
Portfolio
Holdings
Information 
Proxy
Voting:
Information
regarding
each
Fund’s
policies
and
procedures
—
which
describes
how
we
vote
proxies
relating
to
portfolio
securities
—
is
included
in
the
Funds'
Statement
of
Additional
Information
on
our
website
or
upon
request
by
calling
800-539-3863. Each
Fund
files
its
proxy
voting
record
with
the
U.S.
Securities
and
Exchange
Commission
(SEC)
for
the
12
months
ended
June
30
by
August
31.
The
proxy
voting
record
is
available
free
of
charge
on
the
SEC
website
at sec.gov and
on
our
website.
Availability
of
Schedules
of
Portfolio
Investments:
The
Trust
files
a
complete
list
of
Schedules
of
Portfolio
Investments
with
the
SEC
for
the
first
and
third
quarter
of
each
fiscal
year
on
Form
N-PORT-P
and are
available
on
the
SEC’s
website
at
sec.gov.
Expense
Examples
As
a
shareholder
of
the
Fund,
you
may
incur
two
types
of
costs:
(1)
transaction
costs, including
sales
charges
(loads)
on
purchases;
 and
(2)
ongoing
costs,
including
management
fees
and
other
Fund
expenses.
These
examples
are
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
These
examples
are
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
from
July
1,
2023,
through
December
31,
2023.
The
Actual
Expense
figures
in
the
table
below
provide
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
below,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
table
under
the
heading
entitled
“Actual
Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
The
Hypothetical
Expense
figures
in
the
table
below
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds.
Please
note
the
expenses
shown
in
the
table
below
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs.
Therefore,
the
hypothetical
expenses
in
the
table
are
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
In
addition,
if
these
transactional
costs
were
included,
your
costs
would
have
been
higher.
Beginning
Account
Value
7/1/23
Actual
Ending
Account
Value
12/31/23
Hypothetical
Ending
Account
Value
12/31/23
Actual
Expenses
Paid
During
Period
7/1/23
-
12/31/23*
Hypothetical
Expenses
Paid
During
Period
7/1/23
-
12/31/23*
Annualized
Expense
Ratio
During
Period
7/1/23
-
12/31/23
Sycamore
Established
Value
Fund
Class
A
...............................
$
1,000.00
$
1,059.20
$
1,020.56
$
4.71
$
4.62
0.91%
Class
C
...............................
1,000.00
1,055.20
1,016.69
8.68
8.52
1.68%
Class
I
................................
1,000.00
1,060.80
1,022.17
3.06
3.00
0.59%
Class
R
...............................
1,000.00
1,058.20
1,019.56
5.74
5.63
1.11%
Class
R6
..............................
1,000.00
1,061.00
1,022.42
2.80
2.75
0.54%
Class
Y
...............................
1,000.00
1,060.40
1,021.82
3.42
3.35
0.66%
Sycamore
Small
Company
Opportunity
Fund
Class
A
...............................
1,000.00
1,073.20
1,018.75
6.62
6.44
1.27%
Class
I
................................
1,000.00
1,075.30
1,020.61
4.69
4.57
0.90%
Class
R
...............................
1,000.00
1,072.40
1,017.85
7.55
7.35
1.45%
Class
R6
..............................
1,000.00
1,075.70
1,020.86
4.43
4.32
0.85%
Class
Y
...............................
1,000.00
1,074.80
1,020.16
5.16
5.03
0.99%
*
Expenses
are
equal
to
the
average
account
value
multiplied
by
the
Fund’s
annualized
expense
ratio
multiplied
by
184/366
(the
number
of
days
in
the
most
recent
fiscal
half-year
divided
by
the
number
of
days
in
the
fiscal
year).
Victory
Portfolios
35
(Unaudited)
Supplemental
Information
—
continued
December
31,
2023
Considerations
of
the
Board
in
Continuing
the
Investment
Advisory
Agreement (the
“Agreement”)
The
Board
approved
the
Agreement
on
behalf
of
each
of
the
Funds
at
a
meeting,
which
was
called
for
that
purpose,
on
December
5,
2023.
The
Board
also
considered
information
relating
to
the
Funds
and
the
Agreement
provided
throughout
the
year
and,
more
specifically,
at
the
meetings
on
October
17,
2023
and
December
5,
2023.
In
considering
whether
to
approve
the
Agreement,
the
Board
requested
from
the
Adviser
certain
information
concerning
the
Funds
to
assist
it
in
evaluating
the
terms
of
the
Agreement.
In
response
to
the
request
from
the
Independent
Trustees,
the
Adviser
provided
information
and
reports
relevant
to
the
continuation
of
the
Agreement.
The
Board,
including
the
Independent
Trustees,
evaluated
this
information
along
with
other
information
obtained
throughout
the
year
and
was
advised
by
legal
counsel
to
the
Funds
and
independent
legal
counsel
to
the
Independent
Trustees.
The
Board
considered
each
Fund’s
advisory
fee,
expense
ratio
and
investment
performance
as
significant
factors
in
determining
whether
the
Agreement
should
be
continued.
In
considering
whether
the
compensation
paid
to
the
Adviser
was
fair
and
reasonable,
the
Board
also
evaluated,
among
other
things,
the
following
factors:
The
requirements
of
the
Funds
for
the
services
provided
by
the
Adviser;
The
nature,
quality
and
extent
of
the
services
provided
and
expected
to
be
provided;
The
performance
of
the
Funds
as
compared
to
comparable
funds;
The
fees
payable
for
the
services
and
whether
the
fee
arrangements
provided
for
economies
of
scale
that
would
benefit
Fund
shareholders
as
the
Funds
grow
(acknowledging
that
economies
of
scale
can
be
complex
to
assess
and
typically
are
not
directly
measurable)
and
whether
additions
of
or
revisions
to
breakpoints
would
be
appropriate;
Whether
the
fee
would
be
sufficient
to
enable
the
Adviser
to
attract
and
retain
experienced
personnel
and
continue
to
provide
quality
services
to
the
Funds;
The
fees
paid
by
other
clients
of
the
Adviser
whose
accounts
are
managed
in
a
similar
investment
style
and
any
differences
in
the
services
provided
to
the
other
clients
compared
to
those
provided
to
the
Funds;
The
total
expenses
of
each
Fund;
Management’s
commitment
to
operating
the
Funds
at
competitive
expense
levels;
The
profitability
of
the
Adviser
(as
reflected
by
comparing
fees
earned
against
an
estimate
of
the
Adviser’s
costs)
with
respect
to
the
Adviser’s
relationship
with
the
Funds;
Research
and
other
service
benefits
received
by
the
Adviser
obtained
through
payment
of
client
commissions
for
securities
transactions;
Other
indirect
benefits
received
by
the
Adviser,
and
its
affiliates,
including
revenues
paid
to
the
Adviser,
or
its
affiliates,
by
the
Funds
for
ad-
ministration
and
fund
accounting
services,
and
distribution;
The
capabilities
and
financial
condition
of
the
Adviser;
Current
economic
and
industry
trends;
and
The
historical
relationship
between
each
Fund
and
the
Adviser.
The
Board
reviewed
each
Fund’s
current
management
fee,
comprised
of
the
advisory
fee
plus
the
administrative
services
fee
paid
to
the
Adviser,
in
the
context
of
the
Adviser’s
business
and
services
with
respect
to
each
Fund
individually
and
with
respect
to
all
the
funds
as
a
whole.
The
Board
retained
an
independent,
third-party
consultant
to
provide
comparative
information
about
fees,
expenses
and
performance,
and
to
design
and
maintain
a
database
of
relevant
information
designed
to
assist
the
Board
in
retrieving
and
analyzing
comparative
information.
The
Board
met
with
the
consultant
to
review
its
inputs
and
methodologies,
among
other
things.
The
Board
compared
each
Fund’s
gross
management
fees
and
total
operating
expense
ratio
on
a
net
and
gross
basis
with
the
median
gross
management
fee
and
median
expense
ratio
of
a
universe
of
comparable
mutual
funds
compiled
by
the
consultant
and
a
peer
group
of
funds
with
similar
investment
strategies
selected
by
that
consultant
from
the
universe.
The
Board
reviewed
the
factors
and
methodology
used
by
the
consultant
in
the
selection
of
each
Fund’s
peer
group,
including
the
consultant’s
selection
of
a
broad
universe
of
funds,
the
more
specific
universe
of
comparable
funds,
and
peer
groups
of
funds
with
comparable
investment
strategies
and
asset
levels,
among
other
factors.
The
Board
also
reviewed
any
changes
to
the
consultant’s
methodology
as
compared
to
the
prior
year,
including
those
resulting
from
the
Adviser’s
input,
if
any.
With
respect
to
certain
Funds,
the
Board
also
reviewed
fees
and
other
information
related
to
the
Adviser’s
management
of
similarly
managed
institutional
or
private
accounts,
and
the
differences
in
the
services
provided
to
these
other
accounts.
The
Board
also
noted
that
the
breakpoints
in
the
advisory
fee
schedule
for
some
of
the
Funds
evidenced
one
way
in
which
the
Adviser
has
shown
a
willingness
to
share
in
its
economies
of
scale.
The
Board
also
reviewed
the
compliance
and
administrative
services
provided
to
the
Funds
by
the
Adviser
and
its
affiliates,
including
the
Adviser’s
oversight
of
the
Funds’
day-to-day
operations
and
oversight
of
Fund
accounting,
assistance
in
meeting
legal
and
regulatory
requirements,
and
other
services
necessary
for
the
operation
of
the
Funds
and
the
Trust.
The
Board
found
that
the
gross
annual
management
fee
paid
by
each
Fund
was
within
the
range
of
management
fees
paid
by
each
Fund’s
respective
peer
group.
The
Board
noted
that
each
Fund’s
advisory
fee
structure
contained
at
least
one
breakpoint.
The
Board
also
found
that
each
Fund’s
Class
A
net
annual
expense
ratio,
taking
into
account
any
shareholder
servicing
or
distribution
fees,
was
reasonable
as
compared
with
each
Fund’s
respective
peer
group.
The
Board
considered
the
Adviser’s
contractual
agreement
with
each
Fund
to
waive
its
fees
and
reimburse
expenses
of
certain
classes
for
a
specified
period
of
time,
as
described
in
the
Fund’s
prospectus.
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
36
(Unaudited)
The
Board
reviewed
each
Fund’s
performance
over
one-,
three-,
five-
and
ten-year
periods
against
the
performance
of
the
Fund’s
selected
peer
group
and
benchmark
index.
The
Board
recognized
that
the
performance
of
the
Funds
and
the
peer
group
funds
are
net
of
expenses,
while
the
performance
of
the
benchmark
index
reflects
gross
returns.
The
Board
reviewed
various
other
specific
factors
with
respect
to
each
Fund,
as
described
below.
In
their
deliberations,
the
Trustees
did
not
rank
the
importance
of
any
particular
information
or
factor
considered
and
each
Trustee
may
have
attributed
different
weights
to
various
factors.
Sycamore
Established
Value
Fund:
The
Board
compared
the
Fund’s
Class
A
performance
for
the
one-,
three-,
five-
and
ten-year
periods
ended
June
30,
2023,
to
that
of
the
median
performance
of
the
Fund’s
peer
group
and
benchmark
index
for
the
same
periods
and
considered
the
fact
that
the
Fund
outperformed
both
the
benchmark
index
and
the
peer
group
median
for
all
of
the
periods
reviewed.
Having
considered,
among
other
things:
(1) the
Fund’s
management
fee
compared
to
comparable
mutual
funds;
(2)
the
Fund’s
total
expense
ratio
compared
to
comparable
mutual
funds;
(3)
that
the
Adviser’s
willingness
to
limit
the
expenses
of
certain
classes
for
a
period
of
time
would
provide
stability
to
the
Fund’s
expenses
for
those
share
classes
during
that
period;
and
(4)
the
Fund’s
performance
during
the
periods
reviewed,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
Sycamore
Small
Company
Opportunity
Fund:
The
Board
compared
the
Fund’s
Class
A
performance
for
the
one-,
three-,
five-
and
ten-year
periods
ended
June
30,
2023,
to
that
of
the
median
performance
of
the
Fund’s
peer
group
and
benchmark
index
for
the
same
periods
and
considered
the
fact
that
the
Fund
outperformed
the
benchmark
index
for
all
of
the
periods
reviewed,
underperformed
the
peer
median
group
for
the
one-year
period,
and
outperformed
the
peer
group
median
for
the
three-,
five-
and
ten-year
periods.
Having
considered,
among
other
things:
(1) the
Fund’s
management
fee
compared
to
comparable
mutual
funds;
(2)
the
Fund’s
total
expense
ratio
compared
to
comparable
mutual
funds;
(3)
that
the
Adviser’s
willingness
to
limit
the
expenses
of
certain
classes
for
a
period
of
time
would
provide
stability
to
the
Fund’s
expenses
for
those
share
classes
during
that
period;
and
(4)
the
Fund’s
performance
during
the
periods
reviewed,
the
Board
concluded
that
the
Agreement
continued
to
be
in
the
best
interests
of
the
Fund’s
shareholders.
Conclusion:
Based
on
its
review
of
the
information
requested
and
provided,
and
following
extended
discussions,
the
Board
determined
that
the
Agreement,
on
behalf
of
the
Funds
discussed
above,
was
consistent
with
the
best
interests
of
each
Fund
and
its
shareholders,
and
the
Board
unanimously
approved
the
Agreement,
on
behalf
of
each
Fund,
for
an
additional
annual
period
on
the
basis
of
the
foregoing
review
and
discussions
and
the
following
considerations,
among
others:
The
fairness
and
reasonableness
of
the
investment
advisory
fee
payable
to
the
Adviser
under
the
Agreement
in
light
of
the
investment
advisory
services
provided,
the
costs
of
these
services,
the
profitability
of
the
Adviser’s
relationship
with
the
Fund
and
the
comparability
of
the
fee
paid
to
the
fees
paid
by
other
investment
companies;
The
nature,
quality
and
extent
of
the
investment
advisory
services
provided
by
the
Adviser;
The
Adviser’s
entrepreneurial
commitment
to
the
management
of
the
Funds
and
the
creation
of
a
broad-based
family
of
funds,
which
entails
a
substantial
commitment
of
the
Adviser’s
resources
to
the
successful
operation
of
the
Funds;
The
Adviser’s
representations
regarding
its
staffing
and
capabilities
to
manage
the
Funds,
including
the
retention
of
personnel
with
relevant
portfolio
management
experience;
The
Adviser’s
efforts
to
enhance
investment
results
by,
among
other
things,
developing
and
supporting
quality
portfolio
management
teams;
and
The
overall
high
quality
of
the
personnel,
operations,
financial
condition,
investment
management
capabilities,
methodologies
and
perfor-
mance
of
the
Adviser.
Victory
Portfolios
37
(Unaudited)
Supplemental
Information
—
continued
December
31,
2023
Privacy
Policy
Facts
WHAT
DOES
VICTORY
DO
WITH
YOUR
PERSONAL
INFORMATION?
Why?
Financial
companies
choose
how
they
share
your
personal
information.
Federal
law
gives
consumers
the
right
to
limit
some,
but
not
all
sharing.
Federal
law
also
requires
us
to
tell
you
how
we
collect,
share,
and
protect
your
personal
information.
Please
read
this
notice
carefully
to
understand
what
we
do.
What?
The
types
of
personal
information
we
collect,
and
share
depend
on
the
product
or
service
you
have
with
us.
This
information
can
include:
■
Social
Security
number
and
income.
■
Account
balances
and
account
transactions.
■
Data
from
public
sources
and
third-party
data
services.
How?
All
financial
companies
need
to
share
customers’
personal
information
to
run
their
everyday
business
as
permitted
by
law.
For
example,
we
share
with
print
and
mail
companies
that
assist
us
in
sending
mail.
In
the
section
below,
we
list
the
reasons
financial
companies
can
share
their
customers’
personal
information,
the
reasons
Victory
chooses
to
share
and
whether
you
can
limit
this
sharing.
Reasons
we
can
share
your
personal
information
Does
Victory
share?
Can
you
limit
this
sharing?
For
our
everyday
business
purposes
—
such
as
to
process
your
transactions,
maintain
your
accounts,
respond
to
court
orders
and
legal
investigations,
or
report
to
credit
bureaus
Yes
No
For
our
marketing
purposes
—
to
offer
products
and
services
provided
by
Victory
Yes
No
For
joint
marketing
—
sharing
with
other
financial
companies
to
jointly
market
the
other
company’s
products
or
services
No
We
do
not
share
For
everyday
business
purposes
of
the
Victory
family
of
companies
—
this
can
include
information
about
your
Victory
transactions
and
experiences
Yes
No
For
everyday
business
purposes
of
the
Victory
family
of
companies
—
this
can
include
information
about
your
creditworthiness
or
insurability
No
We
do
not
share
For
non-Victory
companies
to
market
to
you
No
We
do
not
share
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
38
(Unaudited)
To
limit
our
sharing
■
Visit
us
online:
vcm.com/optout
■
Call
(877)
660-4400
–
our
menu
will
prompt
you
through
your
choices.
Please
note:
If
you
are
a
new
customer,
we
can
begin
sharing
this
information
30
days
from
the
date
we
sent
this
notice.
When
you
are
no
longer
our
customer,
we
continue
to
share
and
protect
your
information
as
described
in
this
notice.
However,
you
can
contact
us
at
any
time
to
limit
our
sharing.
Questions?
Call
your
account
representative
or
(877)
660-4400
and
ask
to
speak
to
a
representative.
Who
we
are
Who
is
providing
this
notice?
Victory
Capital
Holdings,
Inc.,
and
its
family
of
companies,
including
companies
identified
with
the
Victory
Capital
name
as
described
in
the
affiliates
section
below.
What
we
do
How
does
Victory
protect
my
personal
information?
To
protect
your
personal
information
from
unauthorized
access
and
use,
we
use
security
measures
that
comply
with
federal
law.
These
measures
include
computer
safeguards
and
secured
files
and
buildings.
How
does
Victory
collect
my
personal
information?
We
collect
your
personal
information,
for
example,
when
you:
■
Open
an
account
or
make
deposits
or
withdrawals
from
your
account.
■
Give
us
your
contact
or
account
information.
■
Direct
us
to
buy
or
sell
securities.
We
also
collect
your
personal
information
from
others,
such
as
credit
bureaus,
affiliates,
or
other
companies.
Why
can’t
I
limit
all
sharing?
Federal
law
gives
you
the
right
to
limit
only:
■
Sharing
among
affiliated
companies
for
everyday
business
purposes
information
about
your
creditworthiness
and
insurability.
■
Affiliates
from
using
your
information
to
market
to
you.
■
Sharing
for
nonaffiliates
to
market
to
you.
State
laws
and
individual
companies
may
give
you
additional
rights
to
limit
sharing.
See
below
for
more
on
your
rights
under
state
law.
What
happens
when
I
limit
sharing
for
an
account
I
hold
jointly
with
someone
else?
Your
choices
will
apply
to
everyone
on
your
account.
Definitions
Victory
family
of
companies
(affiliates)
Companies
owned
or
controlled
by
Victory
Capital
Holdings,
Inc.
They
can
be
financial
and
nonfinancial
companies
in
the
Victory
family
of
companies.
■
The
Victory
family
of
companies
includes:
companies
with
a
Victory
Capital
name,
including
without
limitation
Victory
Capital
Services,
Inc.,
Victory
Capital
Transfer
Agency,
Inc.,
Victory
Capital
Management
Inc.
and
its
subsidiaries,
RS
Investments
(UK)
Limited,
RS
Investments
(Hong
Kong)
Limited,
and
RS
Investment
Management
(Singapore)
Pte.
Ltd.,
as
well
as
pooled
vehicles
managed
or
administered
by
Victory
Capital
Management
Inc.,
from
time
to
time.
Supplemental
Information
—
continued
December
31,
2023
Victory
Portfolios
39
(Unaudited)
Non-Victory
companies
(nonaffiliates)
Companies
not
related
by
common
ownership
or
control.
They
can
be
financial
and
nonfinancial
companies.
■
We
only
share
with
non-Victory
companies
to
service
transactions
you
request
or
as
necessary
to
provide
our
services.
■
We
do
not
share
with
non-Victory
companies
so
they
can
market
their
products
to
you.
Joint
Marketing
A
formal
agreement
between
a
Victory
company
and
a
non-Victory
financial
company
to
market
the
non-Victory
company’s
products
or
services
to
you.
■
We
do
not
share
with
any
non-Victory
financial
company
for
joint
marketing.
Other
important
information
For
Nevada
Residents
:
Nevada
law
requires
that
we
tell
you
about
the
option
to
be
placed
on
our
internal
do-
not-call
list.
If
you’d
rather
not
receive
sales
calls
from
us,
please
call
(877)
660-4400
and
ask
to
speak
to
a
representative
so
we
can
place
you
on
our
do-not-call
list.
You
may
also
contact:
Bureau
of
Consumer
Protection
Office
of
the
Nevada
Attorney
General,
555
E.
Washington
Ave.,
Ste.
3900,
Las
Vegas,
NV
89101,
call
1-702-486-3132
or
Email:
BCPINFO@ag.state.nv.us.
For
Vermont
Residents
:
In
accordance
with
Vermont
law,
we
will
not
share
information
we
collect
about
you
with
companies
who
are
not
affiliates,
except
as
permitted
by
law,
such
as
with
your
consent
or
to
service
your
accounts.
We
will
not
share
information
about
your
creditworthiness
with
our
affiliates
without
your
authorization
or
consent,
but
we
may
share
information
about
our
transactions
or
experiences
with
you
with
our
affiliates
as
permitted
by
law.
For
California
Residents
:
In
accordance
with
California
law,
we
will
not
share
information
we
collect
about
you
with
nonaffiliates,
except
as
allowed
by
law.
For
example,
we
may
share
information
with
your
consent
or
to
service
your
accounts.
Among
our
affiliates,
we
will
limit
information
sharing
to
the
extent
required
by
California
law.
Victory
Funds
P.O.
Box
182593
Columbus,
Ohio
43218-2593
Visit
our
website
at:
vcm.com
Call
Victory
at:
800-539-FUND
(800-539-3863)
VP-SMF-SAR
(12/23)
 
Item 2. Code of Ethics.
 
Not applicable – only for annual reports.
 
Item 3. Audit Committee Financial Expert.
 
Not applicable – only for annual reports.
 
Item 4. Principal Accountant Fees and Services.
 
Not applicable – only for annual reports.
 
Item 5.    Audit Committee of Listed Registrants.
 
Not applicable.
 
Item 6.   Investments.
 
(a)       Not applicable.
(b)       Not applicable.
 
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
 
Not applicable.
 
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
 
Not applicable.
 
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
 
Not applicable.
 
Item 10. Submission of Matters to a Vote of Security Holders.
 
Not applicable.
 
Item 11. Controls and Procedures.
 
(a)The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the
registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these
disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
 
(b)There were no changes in the registrant’s internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d))
that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
 
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
 
(a)(1)
Not applicable. 
(a)(2)
Not applicable. 
(a)(3) Not applicable. 
(a)(4) Not applicable. 
(b)     Not applicable. 
 
Item 13. Recovery of Erroneously Awarded Compensation.
 
Not applicable.
 
Item 14. Exhibits.
 
(a)(1)
Not applicable.
(a)(3) Not applicable. 

 

SIGNATURES

 
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant
has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)           Victory Portfolios                                                                                                                               
 
By (Signature and Title)* /s/ Allan Shaer                    
                                            Allan Shaer, Treasurer and Principal Financial Officer
 
Date March 1, 2024________
 
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)* /s/ James K. De Vries                                                          
                                                James K. De Vries, President and Principal Executive Officer
 
Date March 1, 2024___
 
 
By (Signature and Title)* /s/ Allan Shaer                                                                                                                    
                                                Allan Shaer, Treasurer and Principal Financial Officer
 
Date March 1, 2024_________________________